Entrepreneur secures joint investment to purchase care at home business
An entrepreneur has completed the acquisition of a Telford home care agency after securing £350,000 in funding from lending specialists UKSE and BCRS Business Loans.
Rick Kaul purchased Supreme Home Care to become one of the first applicants to successfully receive investment from the newly formed West Midlands arm of UKSE.
The Tata Steel subsidiary provided £200,000 towards the purchase, with a further £150,000 from West Midlands and Wales based BCRS Business Loans.
As a result, 130 jobs have been safeguarded with a potential to create an additional 50 new roles following the acquisition.
Covering Shropshire, Telford, Newport and surrounding areas, Supreme Home Care, which is based in Pearson Road, Telford, provides emergency, rehabilitation and long term care to adults with a wide range of physical and mental needs, as well as respite at home support.
Providing strategic loan and equity packages of up to £1m to generate growth, UKSE’s West Midlands team create local job opportunities and bolster the economy by supporting SMEs across Birmingham, the Black Country, Coventry, Staffordshire and Telford.
BCRS Business Loans provides funding to West Midlands and Wales businesses that are struggling to access finance from traditional lenders. Businesses can secure loans from between £10,000 and £150,000 from BCRS Business Loans to support growth and recovery plans.
Welcoming the investment, Rick Kaul commented: “Supreme Home Care is a successful business providing high quality at home care services to adults in the region.
“I plan to create additional job opportunities as we expand into complex critical care support and specialised care for adults and children.
“In addition, we will be working with Telford College to provide level 3- level 6 health and social care apprenticeships.
“I would like to take this opportunity to thank UKSE and BCRS Business Loans for their support.”
UKSE area manager Steve Grice commented: “We are proud to announce Supreme Home Care as one of our first investment deals for the newly formed UKSE West Midlands team.
“Supreme Home Care is a strong example of a growing company that is sustaining valuable jobs and strengthening employment in the region.”
Stephen Deakin, Chief Executive at BCRS Business Loans, said: “We are so pleased to have delivered the funding together with UKSE to safeguard and create future jobs.
“As a lender that delivers funding for intentional social and economic impact, it is great news that the funding will secure the future of Supreme Home Care.”
Established in 1975, UKSE is a wholly owned subsidiary of Tata Steel UK Limited with a mission to enable and encourage businesses and the people behind them to create jobs, grow and prosper, within communities affected by current or historic changes in the steel industry and its jobs.
UKSE supports the local economy by making equity investments, ensuring management stays in control of the business and offers a flexible exit policy. Unsecured loans up to £200,000 are also available, often without the need for personal guarantees.
To date, UKSE has invested over £110m, supporting 7,650 businesses, stimulating the creation of an estimated 81,000 new jobs.
As a Community Development Financial Institution, BCRS Business Loans’ purpose is to provide access to finance to enable local businesses to grow and prosper.
Since it was founded in 2002, it has provided loans worth more than £85 million to businesses across the West Midlands. The lender’s social impact report for 2022-23 showed that it lent £6.5m to 72 businesses, safeguarding 999 jobs and creating 473 roles, adding £33.7m in value to the economy of the West Midlands and surrounding region.
