Brighton based care specialist forges ahead with £400k funding injection.

A Brighton based company specialising in the provision of personal and nursing care has their sights set on expanding the provision nationally thanks to the support of a £400k funding line from Pulse Finance.

Alpha May Care First specialises in providing a wide range of personal and nursing care to those wishing to remain in the comfort of their own home; tailoring their care packages to the individual needs of their clients.  They service contracts with Local Authorities for the provision of home care solutions as well as supplying carers and nurses to care homes across the UK.  Providing care at home is an invaluable service that many people use, rely on and care about and is used by people of all ages who need help and support with daily living in their own homes.

The firm has enjoyed quick success within the care sector with offices in Brighton, Wakefield and Plymouth and cashflow challenges began holding them back.  The firm first ventured into Invoice Finance with another funder in 2018 with not much knowledge as to how invoice finance could help their firm.

As founder, Mary-Ann Onyimba, managing director explains: “As a Care Agency we supply staff and must pay them on a weekly basis whilst invoicing our clients monthly.  It causes a cashflow gap which needs bridging with available funds We entered a relationship with an invoice financier but they were not flexible enough putting restrictions in place and so the solution didn’t work for us at the time.  It was detrimental to our business”.

Having access to the right funder and funding package was crucial for the health of their business as 80% of the firms’ wage bill is paid weekly which places huge strain on their cashflow. They approached Pulse Finance in their search for a funder who could keep pace with their evolving growth and funding requirements and were impressed from the outset.

Having met Mary-Ann and learnt more about her business and how it works, Pulse was able to deliver an invoice finance solution, providing the business with a £400k facility to put to work immediately.

As Mary-Ann continues: “The provision of care in our local communities is a rapidly growing sector and our services are very much in demand from both commercial and private clients.  Bridging the gap between paying our team of nurses and carers and receiving payment from our customers presents us with cashflow challenges.  As a business it takes many successful years to build a cash reserve that can organically fund your growth.  We needed a funding solution that would keep pace with our evolving needs.  Having had a poor experience with a previous funder we were a bit apprehensive but were introduced to Pulse Finance and we haven’t looked back”.

The deal is representative of the types of businesses supported by alternative finance provider Pulse Finance, which specialises in providing UK businesses with tailored business finance solutions of up to £5m.

As Alex Walker-Jenkins, Client Manager at Pulse Finance says: “When it comes to funding, relationships matter but none more so when an issue may arise.  Pulse Finance pride ourselves on staying close to clients so that we understand how needs change and can be proactive.  We are delighted to watch this business which provides such a valuable service grow and help Alpha May Care First take advantage of growing market demand. Their turnover has increased from £500k to £6m with the support of Pulse Finance”.

With the funding support for the business in place, the firm plans to continue capitalising on demand with aspirations of reaching £10m income over the next two years.

As Mary-Ann continues: “The facility grows with us in line with our sales revenue, so we have the confidence to continue expanding our business secure in the knowledge that we have access to the funds we need and a funder who really understands our business.  The team at Pulse are fantastic, especially our Account Manager – Alex.  They are always there to support us. They really are the best thing since sliced bread!”

“The facility gives us the confidence to bid for new contracts and puts us in a strong position.  Tenders favour suppliers who can demonstrate that they have a reliable and secure source of cashflow as it provides security that the contracts will be fulfilled”.

The deal underlines our commitment to providing UK businesses with funding solutions that work for them.

As Siouxsie Ashmore, Head of Operations at Pulse Finance concluded: “Alpha May is continuing an upward trajectory both in terms of the number of placements they service but also the size of their team resulting in cashflow challenges for them and it was imperative that we got a funding facility in place for them quickly.  We understand that and work hard to ensure that our flexible approach gives Mary-Ann and her team the confidence to continue forging ahead with their plans”.

Link to further reading

Why UK businesses should choose Invoice Finance.