Care provider gets bank funding boost
MANCHESTER-based national care provider Human Support Group has secured a funding deal with The Royal Bank of Scotland (RBS) and RBS Invoice Finance to support its ongoing expansion plans.
The company has grown 26%, with turnover rising from £15.8m in 2014 to just under £20m and is focused on expanding its provision of re-ablement care. The loan is for an unspecified amount.
It has also been announced as a finalist in the Health Investor Awards for 2015 in the Domiciliary Care Provider of the Year category.
Finance director of HSG Ashik Dossajee said: “Re-ablement care is one area that we have focused on specifically.
“It enables a patient to leave hospital earlier with enhanced care at home for up to six weeks. Some Local Authorities have recently opened this provision up to private care providers and is an area which has significant growth opportunities.”
Stuart Watson, director of corporate transactions at RBS said: “We are very pleased to have this opportunity to work with HSG.
“Our loan structure reflected the forecasted cash generation of the business rather than rely on a more traditional security based approach and demonstrates our ability to provide a complete and flexible funding solution.”
