Healthcare business shapes up for growth with £8.25m investment

Ryan Allen

Leeds-headquartered healthcare specialist, Primary Care Physio Ltd (PCP), has secured an £8.25m investment from UK and Ireland growth capital investor, BGF.

Founded in 2020 by Ryan Allen, Mohammed Nazir and Professor Gary Shuckford, PCP is a primary healthcare service which provides physiotherapists and podiatrists to Primary Care Networks (PCNs), freeing up GP capacity in the primary care sector. The company currently employs over 300 clinicians.

The backing from BGF will allow the business to execute a growth strategy, while helping to alleviate some of the challenges facing the primary healthcare market, including chronic GP shortages, growing musculoskeletal issues, and an increasing emphasis on community-focused care.

Jon Lowe, former CEO of Connect Health, will join the business as non-executive chair. Dean Barber will be joining as chief financial officer.

Ryan Allen, CEO at Primary Care Physio, said: “With a growing, ageing, and increasingly complex patient landscape, there is an unprecedented need for a flexible and fast musculoskeletal platform that enables GP practices to continue to deliver best practice care. At PCP, we enable PCNs to meet their objectives.

“To achieve our wider strategic aims, we wanted a minority investment partner that recognised the vast potential that exists – not only in our business, but in the wider marketplace.

“We also wanted to work alongside an investor that could adopt a patient and long-term outlook, but equally had a strong track record of helping businesses to capitalise on the opportunities ahead of them.

“BGF ticked all those boxes and we’re happy to be working with the team who we can see will add value beyond the investment.”

The deal was led by Chris Boyes and James Baker, investors in BGF’s Yorkshire team.

Boyes said: “PCP is an exciting and rapidly expanding business in a sector with significant potential, led by a highly experienced management team, with strength and depth in the primary care market.

“We’re pleased to be supporting PCP’s ambitious growth plan, as it looks to continue to deliver best in class solutions and outcomes.

“As the primary care market continues to recover from the pandemic, PCP is well placed to maintain its rapid growth, supporting the delivery of patient outcomes.”

Advisors on the transaction for BGF were: Legal; Walker Morris (Tom Mieszkowski and Evelyn Lewzey), Tax; The Tax Advisory Partnership (Russ Cahill and Toyan Williams).

For PCP the advisers were: Corporate Finance; Grant Thornton (Peter Jennings, Duncan Morpeth, Simon Keppie, James Boreman), Legal; Hill Dickinson (Sandip Khroud, Jessica Roberts and Rebecca Bennett), Tax; Crane Dale Tax (Nick Scull).

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