An expanding Merseyside-based home care company has secured a £2m funding facility to support its "mega growth" for the rest of the year.
Alcedo Care Group, which has its head office in Southport and other offices spread out across the North West, secured the money from merchant banking group Close Brothers, and said the invoice discounting facility will help release additional working capital.
That will mean it has the necessary finance to take the business "to the next level" - and achieve its objective of doubling in size before the end of the year.
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Alcedo Care has expanded at pace in recent months, and opened six new offices in the past year alone.
The firm said the additional funding will support the business further as it continues to recruit, invest in the development and training and open an additional five offices in the next six months. That's as well as creating hundreds of new jobs.
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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.”
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Alcedo, which employs 700 carers, said the deal with Close Brothers Invoice Finance will help it achieve three performance aspirations by the end of the year. Those are to double annual turnover from £10m to £20m, double weekly client care hours from 10,000 to 20,000 and increase the size of its team by 40% to nearly 1,100 employees.
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Regional sales director at Close Brothers, Kate Prince, said: “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.”