Spirit Healthcare, a medicines optimisation service provider for the NHS, has secured a multi-million-pound revolving credit facility from Growth Lending, to support innovative R&D projects and expansion into new markets.
Growth Lending chose to invest in Spirit Healthcare following the company’s consistent double-digit growth and strong turnover, even against the pressures applied by the Covid-19 pandemic. Recognised as a strong player within the healthcare market, Spirit’s success has been powered by a passionate management team with extensive expertise.
With over a decade spent improving healthcare services, Spirit Healthcare has saved the NHS millions of pounds and improved the lives of thousands of patients via its medicine optimisation programmes. The organisation works to replace expensive products with cost-effect, but high-quality solutions, with aims of reducing the NHS prescribing spend by more than GBP100 million by 2025.
Spirit Healthcare’s recent endeavours have been recognised by The Leicestershire Live Business Awards, which has selected the company as a finalist for both ‘Company of the Year’ and ‘SME Business of the Year’. Should it be successful in either category, Spirit will add these accolades to its ‘Barclays Entrepreneurs Awards 2017’ and ‘ACQ5 Global Awards – UK Healthcare Company of the Year’.
Growth Lending is a leading provider of fast, flexible, and tailored funding for high-calibre B2B firms. The team – based in London, Manchester and Bristol – has decades of experience encompassing institutional lenders, alternative finance and invoice discounting, giving them the confidence to lend quickly. The lender provided more than GBP80 million of funding in 2020, including GBP64 million under the government’s CBILS initiative and aims to be a GBP200 million business by the end of 2021.
Louisa Poole, the financial director at Spirit Healthcare, says: “We are delighted to have acquired this support from Growth Lending. They have provided us with a working capital solution that will support our growth plans. Not only are they a pleasure to work with, they share our passion for improving healthcare provision and understand our ambitions.
“We look forward to continuing our support of the NHS and wider healthcare sector by increasing our investment in quality solutions and technology. The investment will allow us to further improve services, reduce costs, create efficiencies, and ensure positive outcomes.”
Jack Trowbridge, the commercial director at Growth Lending, says: “Although many businesses have been impacted with the events of the last 18 months, strong leadership has seen Spirit Healthcare continue its push for growth, with an already strong presence in the healthcare market.
“This business is a welcome addition to Growth Lending’s portfolio and we are excited to support Spirit with its future growth.”
