Partner:BFS & MSIF
Programme:Northern Powerhouse Investment Fund
PureCare, which provides children’s residential care home services for local authorities around the country, secured an £40,000 loan from the NPIF – BFS & MSIF Microfinance Fund, which is part of the Northern Powerhouse Investment Fund and managed by GC Business Finance and MSIF.
PureCare aims to provide a safe, warm and nurturing environment with a high standard of care and therapy for young people whilst ensuring excellent, outcome-focused delivery of care. From referrals to psychological assessments and clinical supervision, it provides a fully integrated therapy service to reduce the negative effects of trauma and promote resilience.
Currently, PureCare owns and runs a four-bed home in Trafford and a three-bed home in Tameside. Both homes are fully refurbished with modern amenities including therapy rooms, games room and gyms. PureCare will use the loan to complete the purchase of a new three-bed home in Bury, enabling it to meet more of the increased demand for excellent residential care from local authorities.
The loan from the NPIF – BFS & MSIF Microfinance Fund is the second round of funding that GC Business Finance has delivered to PureCare. In 2018, it provided an £18,000 Start Up Loan to founder and managing director Shaz Khan, enabling him to start the business by opening PureCare’s first home in 2019.
Shaz Khan, Managing Director at PureCare, said: “This loan will enable us to help more young people to develop the life skills they need to integrate within the wider community and society, so we’re grateful to NPIF and GC Business Finance for working with us to secure the funding. By completing the purchase of a three-bed home in Bury, we can meet more of the demand for outstanding residential care from local authorities and continue to tailor our support to the specific needs of the young people that we work with.”
Paul Deighton, Senior Loan Manager at GC Business Finance, said: “As a not-for-profit lender with a strong sense of responsibility, we are proud to work with businesses that make a positive difference. PureCare is already making a significant impact in Greater Manchester through its personal approach to residential care, and we look forward to watching it go from strength to strength following this loan.”
Sue Barnard at British Business Bank, said: “We are pleased to see NPIF continuing to support the Greater Manchester community through vital funding. The investment into PureCare signifies a measurable impact to local residential care services, by enabling the expansion of PureCare’s outstanding delivery of care across the Northern Powerhouse region. We are proud to be part of PureCare’s expansion into Bury and look forward to seeing them grow further.’’
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The MSIF group of funds are managed by Alliance Fund Managers Limited which is regulated by the Financial Conduct Authority in the course of investment business. Financial Conduct Authority Registration Number is 180891.
BFS Funding Managers Limited is regulated by the Financial Conduct Authority as a Small Authorised UK AIFM under firm reference number 608682
If you would like to meet with one of NPIF's appointed Fund Managers to talk in more detail please go to Funds Available to find the Fund Managers operating in your area