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Brand-new firm aiming to finance denied exporters

May 17, 2016 | 08 Comments | 26 Likes

A Switzerland-based investor, who made a fortune after Limerick bioscience firm Gencell was sold for $150m, is backing a new company that aims to assist Irish companies target exports to the Middle East, India and former Soviet nations.

Richard Hubbard was amongst the financiers in Gencell Biosystems when it was sold in 2014 to United States firm Becton Dickinson. The Irish company had actually just been developed 3 years earlier and had raised 6m from backers including Enterprise Ireland.

Mr. Hubbard, a UK native, is now a director of Irish firm Persium plc, which intends to offer export and investment assistance to customers intending to export to a number of countries for which export-related finance may be normally more difficult to protect.

Speaking with the Irish Independent, Persium director Ali Yousefian stated that the company is targeting export finance options for small to medium-sized companies in the food, pharmaceutical and medical sectors.

He stated the company thinks that SMEs aiming to export to the countries it's dealing with "are not receiving the level of service they merit".

" We are taken part in the discounting of deferred payment Letters of Credit provided by regional banks in the region in addition to those issued by European banks," he stated.

" The level of exports from the European Union to the region and the import of basic materials and completed goods from the region runs into many billions of euros per year."

He stated that Persium will target deal sizes with SMEs of between 1m and 2m.

The company's investors consist of an entity registered in the British Virgin Islands, meaning the owners of that firm can't be identified by public means.

"The company is well moneyed and is not looking to raise equity capital from the marketplaces in the near future," said Mr.Yousefian.

Persium is likewise likely to aid SMEs targeting to invest in Iran. There's extreme investor interest in Iran following the lifting of sanctions versus the country in return for it downsizing its nuclear program.