Leicestershire-based Spirit Healthcare, a provider of drug optimization services for the NHS, has secured a multi-million pound revolving credit facility from Growth Lending, to support innovative R&D projects and expansion on new markets.
Spirit Healthcare is working to replace expensive products with cost-effective yet high-quality solutions, with the goal of reducing NHS prescribing spending by more than Â£ 100million by 2025.
Growth Lending is a financing provider for B2B companies. The lender has provided over Â£ 80million of financing in 2020, including Â£ 64million under the government initiative CBILS and aims to grow into a Â£ 200million business by the end of 2021 .
Louisa Poole, Chief Financial Officer of Spirit Healthcare, said: âWe are delighted to have received this support from Growth Lending. They have provided us with a working capital solution that will support our growth plans. Not only is it a pleasure to work with them, but they share our passion for improving the healthcare offer and understand our ambitions.
âWe look forward to continuing to support the NHS and the wider health sector by increasing our investment in quality solutions and technologies. The investment will allow us to further improve services, reduce costs, create efficiencies and ensure positive results.
Jack Trowbridge, Commercial Director of Growth Lending, said: âAlthough many companies have been affected by the events of the past 18 months, strong leadership has enabled Spirit Healthcare to continue to grow, with an already strong presence in the market of health.
âThis activity is a welcome addition to the Growth Lending portfolio and we are delighted to support Spirit in its future growth. “