Harrogate-based Beaucare Medical, one of the largest independent suppliers of medical, nursing and hygiene supplies throughout the UK, has completed a successful management buy-out (MBO). This is supported by £3 million of funding from Santander Corporate & Commercial. The facilities include Santander’s Growth Capital funding, which is targeted at the UK’s most dynamic, fast-growth businesses.
The MBO team includes Heather Mawrey, newly appointed as Managing Director having been with the firm for 11 years, and Joseph Storr, the firm’s new Commercial Finance Director. Storr joined Beaucare in 2015 having a background in finance and working within the healthcare and manufacturing industries. Jonathan Brown, founder, will continue to play an active role in the business, moving to the new position of Chairman.
Established in 1992 by Jonathan Brown, who initially sold products door–to–door and used his garage as a warehouse, Beaucare Medical has become one of the pre-eminent healthcare and hygiene suppliers to care homes in the North and across the UK. With significant success targeting markets in the South West and the South East, the company has seen double digit growth over the past two years. It is looking to build on this momentum and invest for growth by recruiting 12 more engineers, increasing its fleet size, and potentially building a second site in the Midlands.
The £3 million provided by Santander includes a mixture of full primacy banking, foreign exchange, Growth Capital and credit card facilities. Paul Land and Andy Kerr of TLP Capital Partners acted as corporate finance advisors, law firm LCF Law advised the MBO team with Gunnar Cooke acting for Santander and Freeths acting for the vendor.
Growth Capital loans are targeted at UK businesses with annual turnovers of up to £50 million, which have a demonstrated history of high year-on-year growth in turnover, profit or employment. As well as the financial support, high-growth businesses can also access other support from Santander which includes training (masterclasses), mentoring and seminars as well as access to overseas trade missions and part-funded interns through our partner universities.
Jonathan Brown, Founder of Beaucare Medical Ltd, said: “The senior management team has worked for Beaucare for many years and it gives me immense pleasure to recognise the commitment and hard work they have invested into making Beaucare the industry leader it is today. I’m delighted to be able to hand over the reins to a team who I know will continue to drive the business forward. The funding and support from Santander has been invaluable throughout the MBO process and we look forward to working with them further.”
Heather Mawrey, Managing Director of Beaucare Medical, said: “It’s fantastic to have this opportunity to take the company onto its next stage. Plans for expansion of our distribution network are key as we uphold our high–level of customer service. Our product support and servicing division continues to grow, and maintaining our long-standing relationships with customers will continue to be vitally important to us.”
Alastair Morris, Relationship Director at Santander Corporate & Commercial, said: “Beaucare Medical has experienced excellent growth and is strategically targeting new markets in the UK to add to its already impressive portfolio. As the largest supplier of medical, nursing and hygiene supplies to private care homes and hospitals, and with a strong history of growth, we are delighted to be supporting Heather and Joe as they look to drive the business forward.”