A new finance deal with the bank will allow a pharmacist to expand his wholesale business after 16 years on the high street.

Muhammad Taha Sohawon, who runs Palmers Pharmacy on Palmerston Road, Chatham, uses the upstairs of his premises as a warehouse to supply drugs and medicines to chemists across the South East.

The business, named Centurion Park Pharmaceuticals, has been going strong for 18 months but has been unable to buy products in bulk and pass on savings to customers.

That is about to change after Mr Sohawon agreed a £125,000 factoring facility with RBS, whereby the business sells its accounts receivable to the bank at a discount in exchange for a cash injection.

Mr Sohawon, who employs two people at the company, also hopes to expand the firm’s customer base to north London.

“I was looking for a financial solution that would allow me to purchase discounted stock in bulk and avoid heavy interest charges..." - Muhammad Taha Sohawon, Centurion Park Pharmaceuticals

He said: “I was looking for a financial solution that would allow me to purchase discounted stock in bulk and avoid heavy interest charges.

“The factoring facility achieves this and is also benefiting my customers too, which is resulting in repeat business.

“The demand for our services is increasing each month and our reputation is expanding across north London and beyond.

“The aim is to continue growing geographically, which will no doubt lead to further conversations with RBS Invoice Finance and my banking team at NatWest.”

Steve Taylor, business development manager at RBS Invoice Finance, added: “We were approached to support Muhammad’s next phase of expansion and we are delighted our source of finance could play a positive role in securing further stock to grow this successful business.

“Muhammad has recognised a gap in the market and we wish him all the very best as he continues to gain momentum across the UK.”