Newco raises £400k in new funding following a restructuring process.
Two new investors have joined the board with a combined 40% stake after a six week process.
Newco supplies software and hardware services to general practice surgeries, including patient check in systems and mobile app integration with medical records.
Newco has secured £400k in new equity backing following a pre-pack administration of its predecessor business. The company supplies patient check in terminals and practice management software to general practices.
Eight interested parties were introduced to the firm within a fortnight, culminating in two key backers joining the board with a combined 40% stake in the restructured entity.
The capital injection follows a difficult trading period impacted by pandemic disruption, debt accumulation, and tax arrears. The entire transaction was completed within six weeks.
Investor perspective
"This was a particularly enjoyable project to work on. Management were always responsive and professional in their dealings with investors we introduced. Terms were quickly negotiated and from start to finish the whole investment process took just six weeks and that included all of August!"
Nick Young
Founder, Beer & Young