Sunderland-based family wholesale business, J&M Medical, has experienced a surge in demand as a result of COVID-19, resulting in a 652% turnover increase over the lockdown period.
The business, which supplies hospital-wear items for medical professionals including hospital footwear and PPE equipment, saw its sales spike during lockdown as demand for these products increased.
At the onset of the pandemic, the business experienced a huge surge in sales when hospitals became desperate for PPE equipment. During lockdown, the business experienced the equivalent of two years of sales in an eight-week period. In this time, the business’s turnover increase to £366,329, a 652% increase compared to a turnover of £48,651 in the same period of last year.
John Lissaman, Managing Director of J&M Medical, said:
“We experienced a huge increase in demand, receiving orders of up to £70,000 at the start of lockdown,”
He adds: “As the products we stock, such as PPE equipment, were hugely required during lockdown, we saw two years-worth of sales in one eight week period.”
This sudden influx of orders brought new challenges for the business, in particular managing their cashflow. J&M Medical have had a partnership with Skipton Business Finance since 2006 which has allowed them to manage their monthly cashflow. To help with the changes brought on by the pandemic, the business was able to increase their factoring facility in-line with increased sales and increase facility limits to allow for new and larger scale orders.
Laura Hodgson, Relationship Manager at Skipton Business Finance, said:
“We have been working with J&M Medical since 2006 and have supported them through various periods of demand over the years,”
She adds: “The demand brought on by the pandemic meant that the business needed to increase their facility with us which we were able to frequently do throughout lockdown to support their new needs.”
As medical equipment started to become more readily available, the business has since seen the demand for orders level back out. The future looks positive for the business with an exciting new product on its way and new projects in the pipeline for 2021.
J&M Medical have had an Invoice Finance facility with Skipton Business finance since 2006.
J&M Medical is a family-run wholesale business based in Sunderland. Set up by owner John Lissaman in 1997, the business has been supplying specialist medical footwear, electrosurgical forceps and surgical PPE for operating theatres for over 20 years. Find out more about J&M Medical here.
Skipton Business Finance Limited, a wholly-owned subsidiary of Skipton Building Society, is a Factoring and Invoice Discounting company. Established in 2001, Skipton Business Finance provides financial products ranging from Invoice Factoring, Invoice Discounting, and its award-winning My White Label solution. Skipton Business Finance is also an accredited lender of the Enterprise Finance Guarantee Scheme. It continues to be a UK-leading financier in the Invoice Finance market and is keen to maintain its position as a major, client-focused organisation in the UK. Find out more here.
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