The Summit Group Limited

Summit originally invested £100,000 for a 25% shareholding in May 2000. It also provided a £100,000 loan, which was drawn and then fully repaid in October 2004. Set up by three industry experts, the business produces specialist products in the woundcare and related industries for large pharmaceutical and FMCG companies.

MedTrade’s expertise lies in obtaining the necessary CE marking and FDA approvals for its products in timescales that fit its customers’ needs for products to be on sale at particular times. The business is now profitable and in the year to 28 March 2006 it achieved sales and profits in its core woundcare business of £3.8 million and £400,000 respectively.

During the year it also completed the acquisition of the intellectual property for a revolutionary new haemostat product. The purchase price to be paid is to come in the form of royalties on sales of the product once commercialised. Summit contributed £130,000 to a £265,000 fundraising to give MedTrade the additional capital it needs to meet the overhead costs to be incurred in the period until sales can be achieved. The fundraising was at a pre-new money valuation that showed Summit an eightfold return on its original investment.

The haemostat product now has FDA approval and commercial acceptance and is likely to produce its first commercial sales in the year to 28 March 2007.