Lyceum Capital has arranged an additional GBP25m of capital to support the growth of its portfolio firm Carewatch, the largest independent national homecare provider in the UK.
The new capital, which includes additional debt facilities from Barclays Corporate and Clydesdale Bank, will enable management to continue its programme of internal investment and facilitate further acquisitions of complementary businesses.
Over the past 18 months Carewatch has made a total of 12 acquisitions to expand its service offering, resulting in a 25 per cent growth in the number of hours of care provided by the company and its franchisees.
As the largest independent national homecare provider in the UK, Carewatch currently supplies over 200,000 hours of care per week to both local authority-funded recipients and private clients. Its services are designed to enable people to stay independent within the home for longer.
Philip Buscombe, chairman of Lyceum Capital, says: “We are delighted to have helped arrange additional funding to allow the company to support both its public and private sector clients and to achieve its ambitious growth plans whilst maintaining its position as a trusted and quality brand with the highest Care Quality Commission ratings of any national provider.”
David Lyon, chief executive officer of Carewatch, adds: “The demand for health and social care services at home in the UK continues to grow strongly. Whilst the government’s financial resources may be constrained, Carewatch and Lyceum believe that the provision of such services by the independent sector is the government’s best opportunity for driving efficiency and quality, high standards of care and providing value for money, including the increased use of at-home care instead of residential or hospital provision. Carewatch continues to strive towards improved quality and improved reach to ensure that support is received by those who need it the most.”
An estimated 1.7 million more people will require care by 2030.
