Lloyds Bank support is perfect remedy for Stroud firm
20th August 2020
A Stroud-based microbiome company has been able to resume normal operations following the coronavirus pandemic, with the support of a six-figure finance package from Lloyds Bank.
Invivo, which produces diagnostic and therapeutic products for healthcare practitioners, saw its turnover drop by around 30 per cent during the height of the coronavirus pandemic. The funding ensured the business could continue to pay its staff and overheads during this period.
It also helped the microbiome company to continue with its planned move to a new 4,000 sq ft site in Stroud. The new office will consolidate Invivo's team of 20 employees in the region under one roof, while increasing the firm's capacity as demand increases again following the easing of lockdown restrictions.
As it looks to return to more normal operations, the firm has also been able to invest in both research and development at its laboratory in Bristol and new product development to support its long-term growth strategy.
Faye Ingram, finance director at Invivo, said: "We saw demand drop during the pandemic as fewer patients were able to visit their clinicians for face-to-face appointments. However, our business development and education teams have used the opportunity to increase the offerings of education and webinar programmes to enable our clinicians to learn more about new research and ideas in our fields.
"It has also been an opportunity to share more about our products and services, and also our B Corp values as a company. It has ultimately helped us to navigate this difficult period, and even look at future opportunities to develop and grow.
"Moving into our new site will make a huge difference to our business. It will help to bring our team in Gloucestershire together as one unit, providing a more productive and collaborative environment for us to work in. It also means we have additional capacity to meet growing demand for our goods as restrictions start to ease."
Michael Hunter, relationship manager at Lloyds Bank, said: "Like many businesses, the coronavirus outbreak had a significant impact on Invivo. However, it is fantastic to see them now preparing to take the first steps towards recovery and start to plan for a successful future again.
"The business has enjoyed growth in recent years, and we're pleased that we've been able to help them navigate this difficult period and support their move into a new site in Stroud, which is an important step in their growth strategy."
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