Wirral care provider secures £10m+ funding

A national provider of facilities for people with learning disabilities has secured a £10m+ cash injection to fund new acquisitions. Tony McDonough reports

John Farragher
John Farragher, founder of care facility operator Potens

 

Merseyside-based national career provider Potens is looking for new acquisitions after securing a £10m+ funding package from Barclays.

John Farragher founded Potens in Wirral in 1989. It now provides more than 90 facilities for people with learning disabilities across the UK. The “eight-figure” funding package from Barclays sees the refinancing of existing debt plus extra money.

Potens, which employs 1,450 people supporting more than 800 service users, will now look for fresh acquisitions. John had already worked in care for a number of years before establishing the business. He began with just a single site in Liverpool.

Now executive chairman, he said: “Throughout our initial discussions with Joe Reid (Barclays) and his team, we were very impressed by their sector knowledge and insight. As things progressed, we became increasingly aware of their enthusiasm and positivity. This led eventually to a successful conclusion.”

Potens has continued to grow turnover and profitability. Further growth is expected in the current financial year. Joe Reid added: “Potens provides valuable support to thousands of people across the UK.

“From our first meeting with the experienced management team we have been impressed with their passion to provide the highest levels of care. This is combined with excellent market knowledge and a clear well defined growth strategy.

“We are delighted to have been able to support John and Potens on this growth strategy. We look forward to a long and successful relationship supporting their continued success.”

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