Case Study: Parity Medical reaches new markets with Growth Hub support
Parity Medical has been developing healthcare technology products and services since the 1980s. The Bromborough based business manufactures a wide range of technology based solutions for NHS and private hospitals in the UK and Ireland.
In 2016, company Director Steve Wood contacted Wirral Chamber of Commerce, his Local Growth Growth Hub. At a meeting with Carl Gurnell, he explained that the company’s growth was constrained by limited shop floor workspace, a problem that was exacerbated by increased demand from the company’s customers. Through discussions with Carl, he developed a project to expand production capacity and make better use of existing workspace.
The size and nature of Parity’s contracts with the NHS and other large groups meant the company has a lot invested in working capital, creating a clear funding gap. Parity pulled together a robust application for funding under the Merseyside Jobs and Growth Fund, managed by St Helens Chamber of Commerce.
Director Steve Wood commented, “The process was made as easy as possible through the support from Wirral Chamber of Commerce, who coordinated the application, working alongside us and with St Helens Chamber”.
Parity Medical were awarded £25,000 towards their £124,000 investment project, allowing the project to be undertaken quickly and with limited disruption to production. The Project has enabled Parity to re-configure their production space, implementing a lean, efficient manufacturing process. Subsequent investments in the company’s fleet has allowed the company to service the increased demand from its client base.
The investment will lead to the creation of further jobs, taking the total number of employees to 48.
Steve Wood continued “We are already seeing traction from this investment with staff numbers increasing at a faster rate than anticipated. It is fair to say that without the support of Wirral Chamber of Commerce and partners, we would not have been in a position to progress with our growth plans”.