Seven-figure funding boost for Glasgow-based residential childcare group

A Glasgow-based residential childcare group has been supported with a seven-figure refinancing and growth package.

The funding was secured to finance the acquisitions of five further homes to complement the existing Inspire Scotland portfolio.

Inspire Scotland has agreed £4.5 million in refinance and growth funding with ThinCats, the alternative lender to mid-sized businesses.

Established in 2012 by a group of professionals with experience in residential school care, foster care, criminal justice, inspection and regulation, Inspire is said to champion a “modern, empathetic and grounded approach to residential care”.

It provides a range of services to children and young people who have suffered trauma, abuse and mental health issues and is partnered with all 32 Scottish local authorities.

The funding was secured to finance the acquisitions of five further homes to complement the existing portfolio.

Stephen North of Edinburgh-based North Commercial Finance – part of Synergy Commercial Finance – introduced ThinCats as funding partner.

Michael Doolin, managing director of Inspire Scotland, said: “We are very proud of the service that we provide to our children and young people; our team is incredibly experienced, and we work together as a community with our shared vision ‘to be the best we can be’.

“Both ThinCats and Stephen have worked extremely hard to provide us with a bespoke funding package that will enable us to grow our portfolio of homes further, which will enable us to reach even more children and young people who may need care and support at this time in their lives.”

North added: “I have known and worked on and off with Inspire for a number of years, and was delighted to assist them once again.”

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