Spirit Healthcare, a medicines optimisation service provider for the NHS, has secured a multi-million-pound revolving credit facility from Growth Lending, which it will use to support innovative R&D projects and expansion into new markets.
Growth Lending chose to invest in Spirit Healthcare because of the company’s consistent double-digit growth and strong turnover, achieved despite the pressures created by the Covid-19 pandemic. Recognised as a strong player within the healthcare market, Spirit has succeeded partly thanks to a passionate management team with extensive expertise.
Having spent more than a decade 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-effective but high-quality alternatives, with the aim of reducing the NHS’s prescribing spend by more than £100m by 2025.
Spirit Healthcare’s recent endeavours have been recognised by the Leicestershire Live Business Awards: the firm has been selected as a finalist in two categories (Company of the Year and SME Business of the Year). Should it be successful in either, Spirit will add these prizes to the accolades it received at the Barclays Entrepreneurs Awards in 2017 and at the ACQ5 Global Awards, where it was named UK Healthcare Company of the Year.
Growth Lending is a leading provider of fast, flexible and tailored funding for high-calibre B2B firms. Its team – based in London, Manchester and Bristol – has decades of experience encompassing institutional lenders, alternative finance and invoice discounting, giving it the confidence to lend quickly. The lender provided more than £80m of funding in 2020, including £64m under the government’s CBILS initiative, and it aims to be a £200m 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, but they also share our passion for improving healthcare provision and they understand our ambitions.
“We look forward to continuing our support of the NHS and the wider healthcare sector by increasing our investment in high-quality solutions and technology. The investment will enable us to further improve services, reduce costs, create efficiencies and ensure positive outcomes.”
Jack Trowbridge, commercial director at Growth Lending, says: “Although many businesses have been affected by the events of the past 18 months, strong leadership has seen Spirit Healthcare, with an already strong presence in the healthcare market, continue its push for growth.
“This business is a welcome addition to Growth Lending’s portfolio and we are excited to support Spirit with its future growth.”
• Read the full case study here
• Find out more about Growth Lending’s revolving credit facilities here