Funding. News - 22 April 2022

Children’s residential care homes set to open thanks to MEIF funding

Maven’s East Midlands investment team has backed Prime Nurture Services Limited (PNSL) via MEIF Maven Debt Finance, part of the Midlands Engine Investment Fund.

The £150,000 funding package will support the opening of PNSL’s first two children’s residential care homes, as part of an ambitious plan to establish ten high quality homes over the next three years.

PNSL’s first home, based in Mapperley, Nottingham, was opened in January and has already generated five new jobs. The company will be actively recruiting for future home openings over the coming months and as it expands into Nottinghamshire and Derbyshire.

The business, which was founded by technology entrepreneurs Glyn Heath and Anthony Davy, provides care, accommodation and support for children aged eight to 18 with their personal development, health, wellbeing, education, and cultural needs.

Staff work with each individual to design a tailored personal development plan, and PNSL has invested in a technology platform to monitor these plans, outcomes, and the medical and emotional needs of each resident, working with community groups, leisure organisations, faith groups, businesses, and local authorities.

Glyn Heath, co-founder of Prime Nurture Services Limited, said: “PNSL came into existence to help alleviate the chronic shortage of high-quality residential children’s care currently experienced across the UK. By working with Maven, we can deliver on this mission from a solid financial footing. Creating the availability of new, genuinely therapeutic places will mean we will be able to offer a safe and supportive environment to as many vulnerable children as possible.”

Jonathan Lowe, investment director at Maven, said: “Anthony and Glyn have shown huge commitment to establishing PNSL in this sector, where compliance and regulations are rightly a high priority. More importantly, their team are equally committed to improving the lives of the young people and we at Maven are delighted to support them with the finance to grow.”

Will Morlidge, Interim Chief Executive Officer at D2N2 LEP, said: “As co-investors in the fund, I’m pleased to see the Midlands Engine Investment Fund supporting ambitious businesses like PNSL to thrive, creating jobs in the area while giving vulnerable young people a safe and stable environment.”

The Midlands Engine Investment Fund

The Midlands Engine Investment Fund is a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs) in the West Midlands and East Midlands.

The MEIF is supported by the European Regional Development Fund, the European Investment Bank, Department of Business, Energy and Industrial Strategy and British Business Finance Ltd.

It provides a range of affordable financial products to small and medium-sized businesses (SME) across the D2N2 region such as Small Business Loans, Debt, Equity and Proof of Concept funds to help businesses achieve their growth ambitions.

The Midlands Engine Investment Fund provides over £250m of investment to boost SME growth in the Midlands Engine Investment Fund area. The D2N2 ERDF contribution to MEIF is £11.75m.

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