MEIF Maven Debt Finance provides GP service with £1million growth loan

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MEIF Maven Debt Finance provides Coventry-firm behind digital GP service with £1million funding package

Published: Dec 18, 2018
Focus: MEIF Maven Debt Finance

Funding will enable the GP Service to further develop web functionality, expand its presence among independent pharmacies and create up to 60 new jobs within the Coventry and Warwickshire region.

The £1 million funding package, delivered by Maven through the Midlands Engine Investment Fund (MEIF), will enable the firm to further develop the functionality of its existing platform, grow its independent pharmacy and enterprise customer base, as well as drive patient enrolment. It will also allow the GP Service to create over 60 new roles by 2023 - a five-fold increase in the team’s current size.   

The GP Service provides online access to general medical consultations and prescriptions via a mobile app, website portal and pharmacy terminals. It is currently the only online Private General Practitioner (GP) consultation service provider that has been granted access to patient NHS Summary Care Records, without requiring the patient to leave their registered GP. This will give the firm the ability to provide a secure end-to-end solution through UK qualified General Medical Council (GMC) registered doctors that are able to assess, diagnose and treat patients in real-time.

Patients using the digital service are able select their preferred affiliated local General Pharmaceutical Council (GPhC) registered pharmacy for prescription dispensing and doctors are able to provide value-added healthcare services such as fit to work notes, referral letters and vaccines. Over a 1000 pharmacies in the UK have already become members.

Backed by an  experienced management team, Executive Chairman, Atul Devani is a serial technology entrepreneur responsible for founding United Clearing, which listed on AIM in 2004, before being sold in 2006 for £25 million.

 Atul Devani, Executive Chairman at the GP Service said, “We are thrilled to receive funding from MEIF Maven Debt Finance, which will enable us to accelerate growth plans and invest in the on-boarding of independent pharmacies. We are also planning to accelerate the launch of our service to enterprise customers and ramp up direct marketing campaigns to drive patient enrolment onto the GP Service’s platform.”

The online pharmacy and prescription market is growing rapidly in the UK, driven by increasing NHS waiting times, as well as surgery opening times being unsuitable for people’s busier lifestyles. The GP Service meets these customer demands by enabling consumers to tailor their healthcare needs around work and family commitments, operating from 8am to 8pm, 7 days a week.

Sajid Sabir Investment Associate at Maven said, “The GP Service is a fast growing, technology-led business providing medical services to meet market and patients' demands. The company is expanding its existing services, with additional functionality being developed and integrated, and is gaining strong traction with independent pharmacies and enterprise clients. We look forward to working with the GP Service team to help them achieve their ambitious plans.”

Grant Peggie, Director at the British Business Bank, said: By tapping into a growing market, The GP Service will be able to capitalise on emerging commercial opportunities. It’s good to see that finance from the Midlands Engine Investment Fund will help the business to continue to grow, creating jobs and further developing its innovative software.”

Nick Abell, deputy chair at the Coventry and Warwickshire Local Enterprise Partnership, said: This is a sector that continues to grow and it is important that technology is introduced to meet the needs of patients. It is great news that jobs are being created by The GP Service over the next few years as the firm plans to be at the forefront of providing the services which patients are now requesting.”

 The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Are you looking for funding for your business?

If your business is in need of finance to help unlock its growth potential, MEIF Maven Debt Finance may be able to help. Contact Maven’s local team today to find out more.

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