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£250,000 Factoring Facility
Launched in 2001 by husband and wife team Paul and Evreth Thompson, Reading based Gabriels Care & Nursing Agency (GCNA) was founded after they had encountered many difficulties while trying to find suitable care for a family member.
Today, GCNA has over 50 clients and provides over 100 nurses and 147 healthcare professionals to residential care homes and hospitals across Berkshire, Hampshire, Wiltshire and Oxfordshire.
In September 2016, GCNA was awarded the accolade of being appointed as a first-tier NHS care provider, delivering to GCNA a greatly enhanced ability to compete for new contracts and expand into providing residential care.
GCNA needed to take a fresh look at cash flow planning to take account of higher wage bills, increased agency hours and the governance costs associated with the NHS contract. In addition, like all businesses supplying the NHS, GCNA were taking into account the increase in NHS debtor days from 60 days to 90 days.
In an environment of cut backs, especially in relation to care home provision, GCNA needed a facility that delivered the confidence to compete on both price and the highest service quality. IGF were able to provide a larger funding facility than other providers were prepared to offer by listening closely to the needs of the business and thoroughly understanding GCNA’s growth plans
Paul Thompson, CEO, Gabriels Care & Nursing Agency, said:
“Winning the NHS contract was a great success story for us. It has allowed us to expand the business, but with this came costs. Thankfully, IGF was able to provide a larger funding facility than other providers were prepared to offer, and this flexibility was crucial to our needs at such an important time of growth.”
Aman Gill, Regional Sales Director, Independent Growth Finance, said:
“Recent reductions in the government’s social spend means that competitive pricing now plays a vital role when pitching for new contracts in the industry. For Gabriels Care & Nursing Agency, this financial pressure came at a time when the company had the potential to win additional contract work. We were delighted to be able to support the business with the funding it needed to succeed.”
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