A care and nursing agency has been able to win additional contract work thanks to a £250,000 funding boost.
Independent Growth Finance, the leading commercial finance provider for SMEs, delivered the factoring facility to Gabriels Care and Nursing Agency, a provider for the elderly, people with learning and physical disabilities, patients with dementia and those in need of palliative care.
In September 2016, Gabriels was appointed as a first-tier NHS care provider, which allowed the business to win new contracts and expand into providing residential care. As a result, cashflow at Gabriels was affected due to higher associated wage bills and increased agency hours. The business therefore sought a flexible financier to support its growing order book and to support with the costs of NHS contract compliance.
The agency was formed in 1999 as a small trading partnership owned by Paul Thompson and his wife Evreth. It provides over 100 nurses and 147 healthcare professionals to residential care homes and hospitals across Berkshire, Hampshire, Wiltshire and Oxfordshire.
‘IGF was able to provide our care agency with a larger funding facility than other providers’
Paul Thompson, CEO at Gabriels, comments, “Winning the NHS contract was a great success story for us. It has allowed us to expand the business, but with this came costs. Thankfully, IGF was able to provide a larger funding facility than other providers were prepared to offer, and this flexibility was crucial to our needs at such an important time of growth.”
Aman Gill, regional sales director at Independent Growth Finance (pictured), adds: “Recent reductions in the government’s social spend means that competitive pricing now plays a vital role when pitching for new contracts in the industry. For Gabriels Care & Nursing Agency, this financial pressure came at a time when the company had the potential to win additional contract work. We were delighted to be able to support the business with the funding it needed to succeed.”
Independent Growth Finance is an independently managed commercial finance company specialising in the small- and medium-sized business market, particularly companies with a turnover of £100,000 to £100million per annum.
