OptiBiotix increases stake in health firm
York-based OptiBiotix has invested £75,000 to provide working capital to support marketing and an increase in stock levels at The Health Weight Loss Company. This investment increases OptiBiotix’s shareholding in the firm to 64 per cent.
OptiBiotix acquired a majority shareholding in the firm last July to incubate new technological solutions and more products for weight management.
Advertisement
Hide AdAdvertisement
Hide AdThe Health Weight Loss Company produces GoFigure products containing a compound called SlimBiome, which incorporates OptiBiotix’s patented combination of natural ingredients to support weight loss.
Since OptiBiotix's investment, The Health Weight Loss Company has gained over 1,000 customers, retail listings in over 80 stores, and four distributorships in the UK and Iceland
OptiBiotix said sales have outperformed expectations with GoFigure products receiving "excellent" customer reviews on Amazon and customer surveys reporting average weight loss of 2.5 lbs per week
GoFigure was voted a finalist in “Best New Health & Nutrition” at the 2016 European Natural & Organic Awards.
Advertisement
Hide AdAdvertisement
Hide AdStephen O’Hara, CEO of OptiBiotix, said: “We are really pleased with the progress of The Health Weight Loss Company and the rapid sales growth of its GoFigure products which have shown the unique ability of our SlimBiome technology to help customers lose weight without feeling hungry, leading to easier and more successful dieting.
"Our belief in the potential of The Health Weight Loss Company is demonstrated by this additional investment which provides funds to invest in marketing, to build stock levels to meet the seasonal demand for weight management products, and to support an increase in retail listings, particularly with major retail outlets.
"I am sure investors will recognise that given the early success of GoFigure products, which has been achieved without any marketing, there is potential for strong sales growth of GoFigure products over the next few years and substantial value enhancement.”