UK Export Finance (UKEF) has played a pivotal role in securing over £500,000 in funding for Hull-based GMP Manufacturing Ltd (GMPM), enabling the company to accelerate its international expansion while bolstering domestic operations. This significant investment is backed by UKEF's General Export Facility (GEF), a government guarantee scheme designed to enhance the export capabilities of small and medium-sized enterprises (SMEs) across the UK.
The financing package, facilitated by White Oak UK, a specialist in SME financing, has provided GMPM with increased capacity to meet growing demand for its pharmaceutical products in existing markets such as the UK, Europe, and Australia. The company is also poised to explore new opportunities in African markets, where there is significant potential for growth.
GMPM's growth trajectory is evident, having expanded its workforce by over 40% in eight years since establishment on the former Seven Seas site in east Hull in 2018. With plans to increase the workforce by an additional 20%, the company aims to invest in advanced manufacturing technologies, including 3D printing platforms for personalised medicines. This strategic move is expected to further accelerate growth and reinforce its position as a leading pharmaceutical manufacturer.
The government's commitment to supporting businesses in scaling up and exporting their products globally has been reinforced by Chris Bryant, Minister for Trade, who praised GMPM's success in creating jobs and driving economic growth in Yorkshire. Giby George, CEO at GMPM, highlighted the pivotal role of UKEF and White Oak's support in accelerating their growth and expressed pride in investing in advanced manufacturing in Hull, creating high-quality job opportunities.
This initiative aligns with the government's broader strategy to support UK businesses, strengthen export capabilities, and drive economic growth across the country. By maintaining at least 80% of its supported businesses outside of London, UKEF aims to ensure its support is accessible to businesses regardless of their location, size, or ownership.
The expansion of GMPM is expected to create new employment opportunities within the Hull area, ranging from apprenticeships to senior leadership roles. This support for a regional company to compete on a global stage serves as a tangible example of government policy in action, aiming to boost local economies and national export figures.