Bibby Financial Services (BFS) has provided £950,000 in invoice finance facilities to four Last Minute Care & Nursing franchise entities as the care staffing business expands in the face of higher employment costs.
The funding package will support new franchise operations in North Surrey, West Yorkshire and West Lincolnshire, while also giving an existing Lancashire franchise additional headroom as employers absorb higher National Insurance costs.
Last Minute Care & Nursing, which was founded in 2011 by dementia care specialist Joseph Willis and is headquartered in Cheshire, has 16 franchises across the UK. The business says it generates annual turnover of £8 million and has delivered more than 1.5 million hours of care and support since launch.
It has also employed more than 3,000 health and social care professionals over that period.
BFS said the deal was led by business development manager Christopher Stanton after the franchised business approached the funder directly for additional working capital. The lender arranged invoice finance facilities across four entities, with the package designed to help newer franchises establish themselves and to give the Lancashire operation more room to grow.
Across the franchises, Last Minute Care & Nursing currently has 600 registered staff.
Joseph Willis, founder and chief executive of Last Minute Care & Nursing, says: “We founded Last Minute Care & Nursing to deliver the highest quality care possible and raise the standards of the sector.
“The business was started with £200 on a credit card, so external finance has always been critical to our success.
“Since we moved to BFS, we’ve really benefited from the flexible, transparent solution they provide, which aligns directly with our ambitions.
“I’m incredibly proud of what we’ve achieved so far, and excited for this next phase of our growth.”
David Preece, national franchise support manager at Last Minute Care & Nursing, adds: “There are over 110,000 unfilled vacancies in the UK care sector.
“Every single vacancy represents a gap in support for vulnerable people.
“At Last Minute Care & Nursing, our job is to help close that gap but rising National Insurance costs have placed significant strain on a sector where personnel are the single biggest cost.
“BFS was able to unlock an additional £150,000 in cashflow from day one and backed our new franchises by truly understanding our vision.
“It’s making a tangible difference to the staff we can place and the people we can care for.
“BFS is helping us overcome headwinds and power our growth across the UK.”
Melanie Ince, head of sales at BFS, says: “We’re proud to partner with Last Minute Care & Nursing, a business at the forefront of the care industry that upholds the highest standards.
“Our team worked collaboratively and at pace, gaining a deep understanding of the franchise’s needs and ambitions, to deliver an invoice finance solution that supports both their immediate requirements and long-term growth.
“We look forward to supporting them as they continue to expand.”
