Bright Care franchise secures £30,000 peer-to-peer funding
Home care provider to use Funding Circle investment to launch business in Perth
Domiciliary care franchise Bright Care has announced it has raised £30,000 via peer-to-peer lending platform Funding Circle to support the opening of a company-owned branch in Scotland’s Perth.
Founded in 2009 by husband and wife duo Tim and Louise Cocking, Edinburgh and Glasgow-based Bright Care operates a team of carers to look after older people who have chosen to live independently at home rather than in a residential or nursing home.
Its services range from laundry and linen to providing live-in care for complex needs.
The franchise, which has a turnover of £1m, said it turned to alternative finance provider Funding Circle when its “normal bank funding became unavailable” and was able to secures its target amount within three weeks.
The deal sees it join “30,000 businesses” which have raised finance through the peer-to-peer lending platform with a total of £287m investments facilitated to date.
Bright Care co- founder, Tim Cocking, commented:
“There is a great buzz about alternative financing methods and this quick and successful funding campaign demonstrates that, if the business model is sound, there is a huge appetite among investors both large and small.
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“I know that many people would like to start or invest in a business but have issues around raising the necessary capital. In a climate in which mainstream lending is becoming more restricted, this kind of investment route is a viable and affordable alternative.”
Discussing the company’s plans for the funding, Cocking added:
“It is a further opportunity to demonstrate that the business model, which has been so successful in Glasgow and Edinburgh, is easily transferrable. Perth has a demographic which is just right for us and the market is currently substantially underserviced.”