Published: September 11th, 2019
Kare
Plus National Limited
has received a £910,000 loan from
MEIF Maven WM Debt Finance, part of the Midlands Engine Investment
Fund.
Kare
Plus delivers care and support services through residential
establishments including large private hospitals, local councils and
to private clients within their own homes, providing them with
medical and care services. The funding package will allow the firm to
expand
its network of care facilities across the Midlands and also bolster
its homecare services. It is also expected to create 20 new jobs.
The
rapid growth of the ageing demographic in the UK is projected to be
more than five times the growth of the working population by 2024,
where the number of people over 65 is expected to comprise more than
20% of the total population. The increase in demand for elderly care
is resulting in a strain on public sector healthcare services and
increasing the demand for private provisions.
Kare
Plus also provides temporary and permanent clinical staffing
solutions to the private and public health and social care sectors.
CEO,
Steve
Welsh, was originally a franchisee who purchased Kare Plus in 2010.
Steve
Welsh CEO at Kare Plus said;
"The MEIF Maven WM Debt Finance will assist in the growth of our
homecare services, which will continue to expand and develop
alongside our national network of franchise businesses. Our focus is
the delivery of outstanding nursing, care and support to local
communities, nationally and we look forward to continuing to do just
that."
Raj
Minhas, Investment Manager at Maven Capital Partners, said, "Kare
Plus is an established business with ambitious growth plans to expand
the business and create new jobs in the region. We are delighted to
have provided the management team with this loan facility from the
MEIF Maven WM Debt Fund to help propel their growth journey."
Grant
Peggie, Director at the British Business Bank, said, "The
Midlands Engine Investment Fund seeks to boost growth in smaller
businesses across the region with finance to support new jobs and
expansion. Funding such as this, highlights the important role of
external finance as well as the positive impact the MEIF is having on
Midlands businesses. We would encourage other small businesses
seeking to grow to see what funding support is available from MEIF."
The
Midlands Engine Investment Fund project is supported financially by
the European Union using funding from the European Regional
Development Fund (ERDF) as part of the European Structural and
Investment Funds Growth Programme 2014-2020 and the European
Investment Bank.
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