New start SME that helps vulnerable children thrives during pandemic with finance
Bear Care Services Ltd provides crisis and emergency placements for young people aged 8-16, as well as semi-independent living accommodation for young people aged 16+ to nurture, educate and support those placed into care. The company is set to reach £1m turnover in its first year since inception on 24th February 2020.
Every day in the UK at least 90 children are placed into care. There is a growing challenge for longer term safe and secure placements and as a consequence a rising need for quality short term provisions.
Former Finance Director Lou McCarter, and husband Ian McCarter, with a varied background in business transformation and change, were exposed to how children’s homes were run and sought to bring about change in an industry they felt were missing the mark – in putting the children first in all they do.
Bear Care Services Ltd was born with £50,000 in the bank, an expert team and a determination to succeed to nurture talents and interests in activity based, environmentally aware and sustainable surroundings.
To get the business to the point they needed it to be and fast, finance was required to purchase the assets to give the children the most comfortable accommodation they could provide.
Lou turned to North-West finance broker PMD Business Finance to support in sourcing the capital, having worked with them a few years prior.
Three year asset finance agreements for four motorhomes and a leasing agreement for a canal barge were sourced by PMD’s Business Development Director Sam German.
More recently PMD’s Senior Consultant Mark Worsley, who provides additional tax and funding advice for SME business owners, helped to further support Lou in finding an accountant for the business, as her previous experience was more weighted to larger firms.
Lou McCarter comments:
“Without the support from PMD Business Finance, we wouldn’t be at this point in year one. We were so impressed with the speed of the turnaround and their support has been invaluable. Even sourcing finance for a barge – no challenge was too difficult.
“We had to adapt quickly due to the pandemic and the motorhomes and barge provided a calming respite to hold indoor based activities and canal trips for the children.”
Sam German adds:
“We have enjoyed watching Bear Care Services Ltd succeed despite the current pandemic. Starting a business right before the first coronavirus lockdown would have shaken anyone working on a new venture.
“It has been a pleasure to work alongside Lou and Ian and to support their aim to provide vital and life-changing care for vulnerable children.”