SCOTTISH pharmaceuticals wholesaler Target Healthcare Group is hiring staff as it expands its domestic and international business after securing a seven-figure funding package, with its increased import capacity helping it stockpile some medicines ahead of Brexit.

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East Kilbride-based Target aims to double its imports of specialist medicinal products over the next year and increase the number of UK products it ships overseas using the funding from banking giant HSBC, which includes an invoice-finance facility and trade-finance loans.

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It plans to increase its 54-strong staff by 15, creating 10 jobs in sales, marketing and logistics and hiring up to five pharmacists.

HSBC said: “Increased import capacity the group stockpile certain medicines ahead of Brexit, where shortages or inconsistencies in supply chain may be felt after October 31.”

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Target, founded in 2012, supplies generic, branded and unlicensed medicines to pharmacies, dispensing doctors, hospitals, pharmaceutical wholesalers and buying groups in the UK and Europe.

Managing director Lewis Campbell said: “We have the opportunity to grow massively in the domestic market and HSBC UK’s funding has put us in a strong position to seek new opportunities and attract new customers. The financial support is also enabling us to look further afield and expand our export work, offering specialist products from the UK to customers abroad.”

Grant Bett, at HSBC, said: “Target is an ambitious business that has spotted clear growth opportunities.”