Kare Plus secures £910,000 loan from Maven to expand care network
The Hub News Team | 10.9.19
The Telford-based company 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.