Published: Apr 21, 2022
Focus: MEIF Maven Debt Finance
Maven's East Midlands investment team has backed Prime Nurture Services Limited 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 14 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 outstanding 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.
"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."
Glyn Heath, Co-Founder of Prime Nurture Services Limited
“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."
Jonathan Lowe, Investment Director at Maven
“It is great to see the MEIF’s funds boosting the region’s diverse economy and creating new jobs. We’d encourage other businesses and sectors across the Derbyshire and Nottinghamshire area to consider the various finance options available through MEIF.”
Lewis Stringer, Senior Manager, UKN at the British Business Bank
“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.”
Will Morlidge, Interim Chief Executive Officer at D2N2 LEP