Asset Finance Loan
Based in Co. Roscommon, FarmLab is a diagnostic testing laboratory, specifically a provider of animal health diagnostic solutions. Established in 2012 by a number of practicing veterinary surgeons and led by experienced veterinary practitioner, John Gilmore, the team now comprises of 20 employees including vets and scientists, offering a range of tests to the animal health sector.
FarmLab saw an opportunity to expand to a new area of their business which required specialist diagnostic equipment and highly skilled lab analysts to operate this facility. The covid pandemic in 2020 created a lot of uncertainty around their future, but as a business they had a growth strategy in place and required a flexible finance partner to support their expansion. This opportune investment in the new technology and equipment would mean a higher level of service, higher technical expertise in terms of the tests they can facilitate and offer in addition to the business and eliminate dependency on third parties.
In a time of uncertainty, FarmLab backed themselves in their growth plans and Capitalflow fully supported the expansion. FarmLab were already a leader in their field with an emphasis on quality management and high grade testing solutions. Supporting business growth, creation of jobs, more independence as a business and security with long term contracts put FarmLab in a very strong position in their sector.
- Total cost of systems: €597,000
- Average Term: 49 months
- Covid 19 Pandemic
- Requirement for specialised equipment to secure new contact
- More specialised testing
- Security in new contracts
- Job creation