Gateshead care agency's £900k funding set to boost Midlands facilities and create 20 jobs

Kare Plus National Limited has received a £910k loan from MEIF Maven WM Debt Finance part of the Midlands Engine Investment Fund.

Gateshead-headquartered Kare Plus delivers care and support services through residential establishments including large private hospitals, local councils and to private clients.

The funding package should enable the firm to expand its care facilities network across the Midlands and bolster its homecare services. It is also expected to create 20 new jobs.

The rapid growth of the ageing demographic in the UK is projected to be more than five times the growth of the working population by 2024, where the number of people over 65 is expected to comprise more than 20 per cent of the total population.

The increase in demand for elderly care is resulting in a strain on public sector healthcare services and increasing the demand for private provisions.

Steve Welsh, CEO of Kare Plus, said: “The MEIF Maven WM Debt Finance will assist in the growth of our homecare services, which will continue to expand and develop alongside our national network of franchise businesses.

“Our focus is the delivery of outstanding nursing, care and support to local communities, nationally and we look forward to continuing to do just that.”

Kare Plus also provides temporary and permanent clinical staffing solutions to the private and public health and social care sectors. Steve Welsh was originally a franchisee who purchased Kare Plus in 2010.

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Raj Minhas, investment manager at Maven Capital Partners, added: “Kare Plus is an established business with ambitious growth plans to expand the business and create new jobs in the region.

“We are delighted to have provided the management team with this loan facility from the MEIF Maven WM Debt Fund to help propel their growth journey.”