Corin Group gets 'hip' status from Beacon
An award-winning, Cirencester-based manufacturer is on the brink of conquering the global orthopaedic market with its cutting-edge solution for restoring mobility and relieving the pain of osteoarthritis. Following a five year clinical study in the US of its unique hip resurfacing product, the Corin Group is now gearing up for a massive surge in international sales.
In the light of its success to date and plans for the future, the Corin Group has been awarded the coveted Beacon status. It joins 31 other companies in Gloucestershire that have been recognised by Beacon South West, the South West of England Regional Development Agency (RDA) initiative that brings together companies with a proven track record of success to accelerate the spread of good business practice. Recent companies in the county to share this accolade include Fluid Transfer International, Space Catering Equipment and Epsilon Test Services.
Sue Baker, director of Beacon South West, says: "With its extensive experience of exporting to North and South America, Asia and Europe, the Corin Group has much to offer the Beacon network. We are hoping that its expertise will inspire other companies to follow suit in developing unique products for niche markets and ambitiously marketing them in the UK and internationally."
Robert Welsh, managing director of the Corin Group, comments: "We applied for Beacon status because we wanted to be part of a network where we could interact with peers and share ideas. We weren't getting what we wanted from other alliances or organisations and the Beacon scheme seemed a lot more focused and organised. Already, we have plans to visit a Beacon company in Devon to help them think through the practicalities of developing an export arm."
The Corin Group PLC is a world leader in the development, manufacture and distribution of reconstructive orthopaedic devices. Founded in 1985, the company is particularly focused on providing innovative solutions for restoring the quality of life of younger, more active patients.
Whereas traditional joint replacements are highly successful in relieving the pain of arthritis, they do not always meet the increased demands of younger patients who expect to be agile and mobile following a hip replacement. As a result, Corin has been involved in some of the most significant developments in orthopaedic implant technology in the last 20 years, using state-of-the-art technologies to pioneer innovative treatment options.
With offices in Japan, the US, South Africa, Germany and Australia, and with significant distribution deals already in place in US and Japan, its share price has grown from £1.11 when it floated on the stock market in 2002 to more than £5 today. In 2006, its turnover was in excess of £27m, making it one of the most successful, home-grown manufacturers in the UK.
