Springfield Healthcare Group expands with strategic acquisition
Yorkshire-based firm uses BGF investment to fund deal
Springfield Healthcare Group is branching out across the north east, after acquiring Newcastle-based firm Positive Life Choices (PLC).
Financed by investments totalling £4.4m made by the Business Growth Fund (BGF) into two of the group’s health and homecare centres in June 2012, the deal sees the Yorkshire and Humberside-based home and healthcare business increase its employee total to over 800 and its annual turnover to more than £13m.
After acquiring domiciliary care business PLC, Springfield is hoping to expand its Newcastle-based services, which include specialised care for the elderly and people with learning disabilities, into neighbouring areas including Durham, Sunderland, Stockton and Northumberland.
£1.47m of BGF’s original investment was previously used to finance the development of The Grange Care Village in Seacroft, Leeds and plans to use the fund to support further expansion are underway.
Backed by government, BGF is designed to support growing smaller and medium-sized businesses and has so far invested £130m in 25 companies from 17 sectors.
Graeme Lee, founder and CEO of Springfield Healthcare commented on the acquisition: “This marks the start of an exciting period of growth into the north east for Springfield Home Care, alongside its existing progress within Yorkshire and Humberside.
“BGF’s funding is enabling us to source similar excellent opportunities across Yorkshire and the north east where we can invest quickly, professionally and in alignment with existing management teams.”