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Forge Care completes £16m of funding from Assetz Capital

Forge Care, a brand-new purpose designed therapeutic community secures a new £8.4M commercial facility from specialist marketplace lender Assetz Capital. The new financial package will enable the business to re-structure existing debt and provide further liquidity as the company eyes its growth opportunities across the Midlands region.

This latest package, managed by Neil Roper, Regional Director for UK Midlands at Assetz Capital, follows earlier equity and growth support from Assetz Capital, MidVen and Warwickshire County Council, taking the company’s total 2022 funding to £10.4M and over £16m in total. This year’s funding follows an earlier £5m CBILS loan provided by Assetz Capital in 2020 which meant Forge Care could continue the start of building work as the Covid-19 pandemic was starting to peak and the business faced the prospect of standing workers down and closing the site.

Both rounds of funding have come at important times for Forge Care as many businesses are facing worsening economic conditions and many lenders are getting stricter with interest rates. It also shows a full life cycle of lending that specialist lenders like Assetz can provide – in Forge Care’s case, Assetz initially funded site acquisition and build of the care facility, and then have restructured the existing debt and provided a new term facility for the operational phase of the project.

Co-Founder & CEO of Forge Care Gavin Miller said: “We are delighted to announce this new package of funding from our partner Assetz Capital, we have built an amazing relationship with the team at Assetz, and we cannot thank them enough for their show of support with this new facility. This really does re-enforce our mandate to go out into the region and further re-shape services for vulnerable children.”

Neil Roper, Regional Director for UK Midlands at Assetz Capital said “Gavin’s vision to take an empty space and create something as special as Forge Care deserves recognition, what they are producing is fantastic and we are proud to be their funding partner. They are the exact type of business we are in existence to support; entrepreneurial, passionate, and willing.”

Andrew Charnley, Managing Director at Assetz Capital said “This is absolutely the sort of project that we want to get behind. There are many sectors such as care, leisure, and tourism that are all neglected when it comes to funding. We have always tried to bridge that gap, and we are always prepared to support developments like this that are transforming people’s lives and the area its located in. It’s a special facility, we hope to be able to support them for many years to come.”

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Forge Care are a specialist provider of children’s residential care, as a relatively new entrant to the market they have made headlines with their unique approach to high-quality purpose-built environments backed up by exceptional levels of care and support. The fast-growing provider has attracted some real talent with their unique and refreshing approach as they strive to modernise services for children at a time when more children than ever are entering the care system. Out of the 12 million children living in England, just under 400,000 (3%) are in the social care system at any one time. More than 80,000 of these children are children in care and these numbers are sadly growing. Forge Care aims to help meet some of this demand with their high-quality purpose-built homes as they scale their services to take up the slack in sufficiency. Assetz Capital is a specialist marketplace lender. It was founded in 2013 to deliver fairer lending to businesses and leading rates of interest to investors. To date, it has lent more than £1.5 billion, while investors have earned over £189 million in total gross interest. In the last couple of years, it has funded the building of around 1 in every 12 new homes built by SME housebuilders in the UK.    As one of the largest business lenders in the UK, Assetz Capital has created a marketplace where British businesses can access capital, and lenders can invest in hundreds of property-secured SME loans at the click of a button.      The company is run by a large team of credit, property, and technology professionals with huge collective experience of quality and safe lending, aided by a nationwide network of relationship directors who visit and vet potential borrowers. This real-world lending approach combines traditional credit assessment techniques with modern technology, rather than relying on purely computer-based loan approvals which means the company can offer realistic funding packages to businesses looking to grow.

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