Medical Wire & Equipment (MWE), has received a £1.45 million loan from Barclays as part of the Coronavirus Business Interruption Loan Scheme (CBILS).
The funds will help MWE to purchase specialised machinery and scale up production of its virus transport products to assist in the fight against COVID-19. The money will also be used to boost working capital and create new jobs.
Andrew Broggio, CEO of Medical Wire & Equipment said: “Without Barclays’ help, we would not have been able to scale up production of our virus transport products to assist in the fight against COVID-19. The loan from Barclays has put us on track to increase production eight-fold by September, boost manufacturing capability and increase resilience in the UK medical devices sector. It will also lead to the creation of new jobs.”
Established in 1952 and headquartered in Corsham, West Wiltshire, MWE produces transport swabs and general laboratory consumables. MWE produces in excess of 100 million medical devices per annum servicing customers domestically and globally.
Lee Collinson, head of manufacturing at Barclays Corporate Bank, said: “MWE is a leading medical technology company with products in high demand both domestically and internationally. I’m proud that Barclays has been able to provide such an important manufacturer with the necessary funding to accelerate production of their vital testing equipment to support the NHS at this challenging time.”