A Whetstone-based pharmaceutical business has secured a £250,000 loan to support the development of its latest software platform and enable it to create seven new jobs.
Remedi Pharmacy Solutions secured the finance from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS). The new roles will allow Remedi to strengthen its sales and distributions teams, reach out to more customers and cover a wider geographical area, helping the business to achieve its expansion plans.
Remedi is a pharmaceutical distribution business that provides direct to door prescription fulfilment. The funding will be used alongside external finance to further develop and roll-out the company’s proprietary software which will see it move to a fully automated, electronic dispensing process.
Remedi also delivers its services to care homes, using an efficient “closed loop” software system to provide both medicine management and care planning.
Kenny Black, Managing Director of Remedi Pharmacy Solutions, commented: “The electronic processing of prescriptions, combined with direct delivery, has had a positive impact on care homes in these challenging Covid-19 times. As the business expands, this loan will allow us to create new positions to service the increase in demand and continue to deliver to more care homes. Thanks to The FSE Group for guiding us through the funding process, enabling us to secure the funds to support our growth ambitions.”
With over 11,000 care homes in the UK, 30% of all UK prescriptions are dispensed to care homes at an annual cost to the NHS of £700m+. This cost is set to increase in line with the rise in aging population. Remedi offers a simple, one size fits all platform with easy-to-use software which greatly improves the efficiency and dispensing of medications to care homes from a central hub, thus reducing the cost to the NHS.
Andy Moss, Head of Funds at The FSE Group, which manages the MEIF Debt Finance Fund, adds: “Remedi Pharmacy Solutions has a strong and experienced management team with over 25 years of pharmaceutical experience. The care home sector continues to grow and Remedi’s electronic service is efficient, smooth and accurate, minimising the human error that comes with manual prescription processing. The creation of these roles will help the business to fully implement its new software and provide a platform for rapid growth.”
Lewis Stringer, Senior Manager at the British Business Bank, said: “We’re delighted to see this latest investment from the MEIF supporting new technology within the health and social care sector. Some of the key objectives of the fund are to help businesses, such as Remedi, to secure finance to innovate, develop new products and expand. We’d encourage other businesses in the region to consider the options available through the MEIF.”
Kevin Harris, Chair of the LLEP Board of Directors, said: “Remedi Pharmacy Solutions’ direct delivery business model is innovative and highly relevant for the times we live in. I’m very pleased therefore that it has secured this funding to enable it to expand its team and invest in the future of the business. We all want our loved ones to receive the best service possible, and Remedi’s positive impact on the ever-expanding social care sector is great to see.”
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.
The Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.
The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.