North West home care company Alcedo Care Group has secured a £2 million funding facility with merchant banking group Close Brothers to support its growth plans for the rest of the calendar year.
The business said the invoice discounting facility will help release additional working capital, providing the necessary finance to take it “to the next level” and achieve its objective of doubling in size before the end of this year.
Alcedo Care has opened six new offices in the 12 months and is now looking to recruit more staff and invest in the development and training of its team. In June, it expanded into Chester, creating 90 jobs.
Five additional offices are expected to open in the next six months.
Alcedo Care aims to achieve three key performance aspirations before the end of 2021; to double annual turnover from £10million to £20million, to double weekly client care hours from 10,000 to 20,000, with the aim of delivering 2.5 million annual care hours by 2025, and to increase the size of its team by 40% to nearly 1,100 employees.
Managing director at Alcedo Care Group, Andy Boardman, said: “We’re delighted to partner with Close Brothers on this dedicated funding facility that will help support our expansion plans and enable us to achieve our growth objectives at pace. Close Brothers understands fully our aspirations to become the definitive provider of choice for home care in the North West and those looking to remain independent in their own homes.”
Regional sales director at Close Brothers, Kate Prince, commented: “Alcedo Care is such a special business 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 home-based clients and employee team. We’re delighted to be able to provide finance in support of their goals and are confident that they will soon become one of the leading players in the market.”
Caption: Close Brothers regional sales director Kate Prince (left) with Alcedo Care Group founders Andy and Jo Boardman.