Alcedo Care secures £2m to fund growth plans

Alcedo Care Group has secured a £2m funding facility which will aid its plans to double in size by the end of the year.

The invoice financing facility has been provided by merchant banking group Close Brothers and will help release additional working capital.

The group is rapidly expanding its presence across the county and has opened six new offices in the last 12 months including Lancaster and Preston. This additional funding will support the business  as it continues to recruit, invest in the development and training of its team and open an additional five offices in the next six months.

Management has set its targets as doubling annual turnover from £10m to £20m, doubling weekly client care hours from 10,000 to 20,000 (with the aim of delivering 2.5million annual care hours by 2025) and increasing the size of its team by 40 per cent to nearly 1,100 employees.

Kate Prince, regional sales director at Close Brothers, 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.”

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