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Meridian helped Christchurch based Herb UK Ltd raise £650,000 of development capital from the South East Growth fund (SEGF) and HSBC Bank.
Formed in 1990 by Stuart Taylor and Stephen Landreth, Herb formulate, manufacture and distribute hair care products to the consumer health sector and professional hair care markets across 20 countries.
Recent growth means that Herb needed to relocate their business to larger premises and invest further in plant and machinery in order to take advantage of the changes in the market and growth opportunities available to them. The SEGF and HSBC investment will allow them to do this, with the business re-locating to the impressive Ampress Park in Lymington.
Stuart Taylor, Managing Director at Herb comments, “We went to Meridian having been a long standing client of Lester Aldridge. Our solicitor, Grant Esterzuizen introduced us to Corporate Finance Partner, Michael Barcia and we formulated our growth plans together. The capital is exciting as it allows us to focus on growth and fulfilling our potential.”
As part of the transaction Meridian introduced the management to Richard Kellett Clarke, their new non-executive director.
Commenting on the transaction, Michael Barcia, Director at Meridian said, “Herb is a great business with excellent products, previously being held back by financial constraints. They are an excellent example of the type of business that the regional development capital funds were set up to help. For the past two years raising less than £2m has been very difficult, the market being satisfied by private investors, however I am pleased that this is now changing.”
