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September 20, 2018

Metro Bank provides £4m facility to NHS support provider

Metro Bank has supplied clinical services provider 18 Week Support Group with a £4m (€4.5m) invoice finance line, alongside a £400,000 working capital facility.

By Christopher Marchant

Metro Bank has supplied clinical services provider 18 Week Support Group with a £4m (€4.5m) invoice finance line, alongside a £400,000 working capital facility.

18 Week Support Group provides insourcing services to NHS Trusts, intended to assist in the management of waiting lists in a “sustainable, cost-effective and efficient” manner, and has recently switched its full day-to-day banking to Metro Bank.

Mark Stokes, managing director of commercial banking at Metro Bank, said: “18 Week Support Group is a well-established healthcare provider that offers vital services to local communities across the UK.

“We’re delighted to have been able to support such a forward-thinking organisation, and look forward to working with them as they grow and continue to make their mark on the healthcare industry.”

Alexander Chilvers, operations director at 18 Week Support Group said: “Metro Bank has so far proved to be a very valuable partner. Their team has displayed all of the attributes that we were looking for including being responsive, friendly and flexible.

“But what has impressed us the most has been the level of involvement with senior management throughout the whole process. We are looking forward to a strong continued partnership with Metro Bank.”

In March, Metro Bank delivered a £7m invoice finance facility and a £500,000 asset finance facility to UK horticultural business the Newey Group. The deal also included £10m of senior debt and £1m of working capital.

In May, the bank provided £4.5m in financing to Slicker Recycling, a waste management firm based in Worcestershire. The financing comprised a £3.5m invoice finance facility and a £1m asset finance facility.

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