A provider of children’s homes has secured funding to support the opening of its first homes.
The Nottingham-based PNSL was set up to improve the lives of children and young people in care with “safe, nurturing and therapeutic living environments”.
His first home opened in January in Mapperley, Nottingham and generated five new jobs. He wants to open new homes in Nottinghamshire and Derbyshire, providing more support and generating jobs in the counties.
The company secured £150,000 from Midlands Engine Investment Fund (“MEIF”) East & South East Midlands Debt Finance, which is managed by Maven Capital Partners.
PNSL (Prime Nurture Services Limited) was founded by tech entrepreneurs Glyn Heath and Anthony Davy, and provides care, accommodation and support for children aged 8-18.
Glyn Heath said staff work with each child to design a bespoke personal development plan, and PNSL has invested in a technology platform to monitor those plans, each resident’s outcomes and medical and emotional needs, in collaboration with community groups, recreation organizations, faith communities, businesses and local communities.
Mr Heath said: “The PNSL was set up to help alleviate the chronic shortage of high quality residential care for children that the UK is currently experiencing.
“By working with Maven, we can carry out this mission from a solid financial footing. Creating the availability of new, truly therapeutic places will mean that we will be able to provide a safe and supportive environment for as many vulnerable children as possible.
Jonathan Lowe, is chief investment officer at Maven, which was acquired last year by Leicester wealth management specialist Mattioli Woods.
He said: “Anthony and Glyn have shown tremendous commitment to establishing the PNSL in this sector, where compliance and regulation are rightly a high priority.
“Most importantly, their team is also committed to improving the lives of young people and we at Maven are thrilled to support them with the funding they need to grow.”
Lewis Stringer, Senior Director, UKN at the British Business Bank, said: “It’s great to see MEIF funds boosting the region’s diverse economy and creating new jobs.
“We encourage other businesses and sectors in the Derbyshire and Nottinghamshire region to consider the various financing options available through the MEIF.”
Will Morlidge, Acting Managing Director of local business partnership D2N2, said: “As co-investors in the fund, I am delighted to see the Midlands Engine Investment Fund supporting ambitious businesses like PNSL to thrive, create jobs in the region while giving vulnerable young people a safe and stable environment.