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Historic X-ray equipment firm targets global markets following NPIF II funding

Press release 24 February 2025

A long-established Lancashire company that supplies X-ray protection wear to the NHS is targeting global markets with the help of a £350,000 loan from NPIF II – Mercia Debt Finance, which is managed by Mercia Debt as part of the Northern Powerhouse Investment Fund II (NPIF II).

From l-r, David Wright, My-Ha Hoang, Paul Dixon & Deby Fisher

WSR Medical Solutions is the UK’s leading manufacturer of lead aprons for radiographers, which it supplies to over 700 hospitals under the Rothband brand. The Haslingden-based company also offers other protective equipment such as curtains, glasses and doors as well as a wide range of X-ray machines and accessories.

Established in 1860 by WS Rothband, the business was family-run until 2015 when it was acquired by Paul Dixon, a former employee and qualified radiographer. In recent years it has expanded its product range and has moved into the veterinary sector where it supplies a number of major chains.

Currently international sales make up around 15% of turnover, however it plans to expand that and is setting up a network of distributors.  The funding from NPIF II will enable it to invest in new printing equipment, feeding into part of its strategy to carry out printing in house. This will help to increase its range of patterned fabrics, enabling it to reduce stock levels and turnaround times and produce designs to order.

The latest funding is the third round it has received from Mercia Debt, which backed the buy-out of the business in 2015 using funding from Lancashire Rosebud Finance and has since provided additional funding for growth.

Paul Dixon, Managing Director of WSR Medical Solutions, said: 

The Rothband brand has an impressive heritage. Having started out selling rubber sheets, the company came up with the idea of using leaded rubber and was the first to produce lead aprons in 1910 for the emerging X-ray industry. Today we continue to expand and want to make its name known internationally. The funding will enable us to offer bespoke products and give us greater flexibility to cater for the needs of a global client base.

David Wright of Mercia Debt added:

WSR Medical Solutions is a historic Lancashire company that has continued to adapt and innovate throughout the years. Under Paul’s leadership, it has gained a new lease of life. We have worked with him from the start to help him acquire and expand the business and are pleased to support the company’s latest plans to bring the brand to an international audience.

NPIF II – Mercia Debt Finance provides debt finance from £100,000 to £2m to companies throughout the North, with a particular focus on Yorkshire and Humber.

The £660m Northern Powerhouse Investment Fund II (NPIF II) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

Further Information

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Notes to editors

About Mercia Ventures

Mercia Ventures is a proactive venture capital investor focused on being the first-choice partner for growth. Mercia Ventures makes equity investments of up to £10million across all sectors, with specialisms in Software, Consumer, Healthcare and Deep Tech.

Mercia Ventures is a trading name of investment funds managed by Mercia Fund Management Limited and Mercia Regional Ventures Limited, part of the Mercia Asset Management PLC Group, and sits alongside the Group’s wider private equity, debt and proprietary balance sheet operations. The Group has 11 offices in the UK, and Mercia Ventures’ national footprint and 48 strong investment team draws on their experiences as founders, PhD scientists, software engineers, corporate financiers and management consultants to help our partner companies successfully achieve their ambitions. As at 30 September 2023, Mercia Asset Management PLC has c.£1.5billion of assets under management. Mercia Asset Management PLC is quoted on AIM with the epic "MERC".

The Group raises its own Venture Capital Trusts (VCTs) and Enterprise Investment Scheme (EIS) Funds, and details about open offers can be found through Mercia’s website.

Mercia Asset Management PLC is quoted on AIM with the epic "MERC" and includes the following wholly owned subsidiaries -

  • Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
  • Mercia Regional Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
  • Mercia Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560
  • Frontier Development Capital Limited is authorised and regulated by the FCA under firm reference number 829697

mercia.co.uk

About the Northern Powerhouse Investment Fund II

  • Operated by the British Business Bank, NPIF II provides a mix of debt and equity funding.  NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development.
  • The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Greater Manchester, Lancashire, Cheshire & Warrington, Cumbria, Liverpool City Region, Leeds City Region, South Yorkshire Combined Mayoral Authority, York & North Yorkshire, Humber and East Yorkshire, Northumberland, County Durham, Tyne & Wear.
  • Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).

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