Home Care Group secures £ 2million bill funding to double in size
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North West home care company Alcedo Care Group has secured a £ 2million financing facility with investment banking group Close Brothers to support its growth plans for the remainder of this calendar year .
The ease of discounting invoices will help free up additional working capital for the ambitious home care provider, providing the funding needed to take the business to the next level and meet its goal of doubling in size before the end. of this year.
Alcedo Care has already enjoyed considerable success, growing at a steady pace and opening six new offices in the past 12 months alone.
The additional funding will further support the company as it continues to recruit, invest in the development and training of its valuable team, and to open five additional offices over the next six months.
The deal with Close Brothers Invoice Finance will help Alcedo Care meet three key performance targets by the end of 2021: double annual revenue from £ 10million to £ 20million, double weekly customer service hours from 10,000 to 20,000 – with the goal of reaching 2.5 million hours of annual care by 2025 – and increasing the size of its team by 40% to nearly 1,100 employees.
Managing Director Andy Boardman said, “We are delighted to partner with Close Brothers on this dedicated financing facility which will help support our expansion plans and allow us to meet our growth targets at a steady pace.
“Close Brothers fully understands our aspirations to become the definitive provider of choice for home care in the Northwest and those looking to remain independent in their own homes. “
Close Brothers Regional Sales Manager Kate Prince said: “Alcedo Care is such a special company with a unique proposition driven by the passion of Andy and Jo Boardman who have created a strong positive culture based on genuine care for their customers at home. and the team of employees. We are delighted to be able to provide funding to support their goals and are confident that they will soon become one of the major players in the market.
Created in 2017, Alcedo Care continues to develop at a sustained pace and has a team of 700 caregivers. It operates from nine offices in the North West, including Chester, Southport, Blackpool, Preston, Lancaster, Liverpool, Wigan, St Helens and Bury.