This funding enabled the following a period where sales figures fell short of projections.
This reduction in capital hindered Forma-Care’s capacity to purchase necessary stock and fulfill its obligations to the NHS.
Sarah Harrison, regional director at Ultimate Finance, said: “When a lender tightens availability, it’s rarely just a funding issue – it becomes an operational issue.
“Forma-Care needed a funding partner that understood the rhythm of NHS trading and could provide the headroom required to keep stock flowing and orders fulfilled.”
The facility was structured around Forma-Care’s debtor book, which consists entirely of NHS accounts.
Ultimate Finance oversaw the transition from the previous lender and has provided Forma-Care with ongoing relationship management.
Forma-Care is targeting revenue in excess of £10m in the near future.
Harrison said: “A concentrated debtor book can make some funders nervous.
“Our job is to look beyond the headline and understand the quality of the ledger, the operational controls, and what the funding is actually enabling – in this case, continuity of supply into the NHS.
“This is exactly what invoice finance should do: keep business moving while management focuses on execution.”
She said: “As Forma-Care drives towards its next revenue milestone, we’ll stay close – making sure the funding continues to match the ambition.”
