A North East stairlift manufacturer is set for business growth with the launch of two new models, helping it capitalise on opportunities created by Europe's ageing population, and emerging markets overseas.
With the help of funding from Yorkshire Bank's Investing for Growth initiative, Fishburn-based Global stairlift manufacturer, MediTek Ltd, has launched the Mark II version of its D160 deluxe model stairlift, and a new budget-priced entry lift, the E120.
The D160 deluxe model has improved safety and guarding around its moving areas, improved aesthetics to blend into home décor, and can be fitted on steeper staircases with a up to a 52 degrees gradient.
Both new stairlifts, to be launched later this year, meet European standards and are set to boost turnover and profits for MediTek Ltd, which sells thousands of stairlifts each year throughout the UK, Europe, the US, South Africa, Australia, New Zealand and Japan.
MediTek Ltd managing director, Philip Rice, said: "These two models; developed and manufactured in-house, will enable us to secure further growth in the UK and overseas.
"We see much of this coming from the UK, which represents 40 per cent of the global market: as the Government spends a great deal on mobility aids through the NHS and local authorities whereas, in most other countries, stairlifts are bought privately.
"The new budget priced E120 model will help us maintain sales in the more competitive economic climate, and the European standards accreditation for our new D160 model will boost sales by highlighting our approach to quality.
"Looking further ahead, the Chinese and Indian markets are growing fast, people have far more disposable income than 15 years ago, and we see big potential opportunities there and plan to create more authorised distributors.
"The team at Yorkshire Bank's Tees Valley Financial Solutions Centre demonstrated confidence in our business and our long-term plans, in spite of the current economic climate, and it is good to have their support for our business development."
MediTek Ltd was founded in Fishburn, Co. Durham in 1996, and also has a base in North Carolina to serve its US market. The £4m turnover business, supplies through independent mobility shops, and now has 40 staff after recently creating three new posts.
Paul Wells, business partner at Yorkshire Bank's Tees Valley Financial Solutions Centre (FSC), said: "An ageing population, and emerging markets with more disposable income will enable this first-class manufacturer to expand, and Yorkshire Bank is pleased to be supporting them through our Investing for Growth initiative."
Yorkshire Bank's Investing for Growth initiative enables businesses to take advantage of loan repayment holidays, interest-only repayments and extended loan and credit terms designed to take advantage of quality growth opportunities. Businesses signing up to the package can re-invest the cash into their operation for expansion, new staff, equipment, machinery and commercial development.