North Yorkshire Medical Supplies Business Secures Funding From Barclays
Skipton based Deliver Net Limited today announced it has received support from Barclays through the Government backed Coronavirus Business Interruption Scheme (CBILS) and a new working capital facility, in order to maintain the ability to trade through the COVID-19 crisis.
Deliver Net Limited was established in 2000 and is headquartered at Snaygill Industrial Estate, Skipton. The business is one of the UK’s largest medical equipment suppliers to the healthcare sector for both public and private organisations.
Supplying predominantly to the care home sector, the business delivers direct everything a care home needs including continence care, housekeeping, medical items and health and safety essentials. Stocking over 6,000 items and providing items for more than 60,000 residents, their fleet of trucks makes more than 1,200 deliveries a week.
Tim Lockett, Founder and Managing Director of Deliver Net Limited said: “It has never been a more important time since our inception to provide supplies in a timely manner for the care homes that rely on us and are experiencing unprecedented times. Working with the Barclays team we secured a suite of lending facilities and the funding was released within days of our initial application. The new facilities will allow us to increase stock and capacity and provide essential PPE to new and existing clients. We’re proud to be able to provide additional support in these challenging times. ”
Deliver Net Limited has secured a seven-figure facility from Barclays including CBIL loan, working capital and term loan. Turnover is expected to exceed more than £20million in the current year.
Jag Singh, Barclays Relationship Director put together the funding package for the deal and said; “Tim’s business has banked with us for over 20 years and we very quickly realised the company was going to need to scale at pace to increase capacity for the COVID-19 demand. We’ve been able to structure the funding to provide flexibility and having the certainty of our backing, Deliver Net Limited can not only continue to trade but also fund new and larger projects for their future success. We’re delighted to be able to support a valued customer through these challenging times.”