Bank provides seven-figure financial backing for shareholder buyout

Some of the Healthwork team at work

Manchester-based occupational health services business, Healthwork, has undertaken a buyout of a shareholder after one of its executives decided to sell their stake in the company.

Santander UK has supported the firm’s remaining management team with the buyout by providing a seven-figure funding arrangement comprising a commercial mortgage and a revolving credit facility.

The buyout enables Healthwork to build on its plans to expand its bespoke occupational health services to the public and private sectors, and diversify into the new market of supporting organisations to become COVID-secure.

Since the onset of the pandemic, Healthwork has offered services to help clients put in place the measures required to make their workplaces COVID-secure for employees, customers and visitors.

The England and Wales Cricket Board is among the organisations it has supported, working with it last summer to safely run international test matches for players and spectators, including managing the antigen testing programme and creating secure ‘bubbles’ at all cricket venues.

Healthwork is focused on growing its work in this crucial new COVID-security sector.

The business was founded in 2003 and takes a clinician-led approach to its work, deploying medical professionals to undertake assessments for each client and delivering tailored solutions to their business.

It employs a staff of 120, including doctors, nurses and counsellors.

In 2019, it acquired competitor, Hobson Health, which has subsequently been integrated into its business.

Shahed Khan, Healthwork director, said: “Our business has been growing strongly in recent years and we have plans to expand and diversify our services. It’s been great to have the support of Santander for the shareholder buyout and beyond as we work hard to realise our growth strategy.”

Phillip Roscoe, relationship director at Santander UK, said: “We first became involved with supporting Healthwork at the onset of the pandemic and have since worked closely with its management team to provide funding and banking services, culminating in the shareholder buyout.

“We are delighted to support its ambitious growth strategy as it expands its existing occupational health business and diversifies into new markets created by the pandemic.”