Diagnostic imaging innovator secures £1 million investment from The North West Fund for Biomedical
March 1, 2013
A LEADING diagnostic imaging company, Diagnostic Healthcare Ltd, has secured £1million investment from The North West Fund for Biomedical, managed by SPARK Impact.
Diagnostic Healthcare, headquartered in Altrincham, has a network of centres and mobile units across the UK providing MRI scans, obstetric ultrasound, bone density scans (DEXA scan), cardiac testing, health screening and reporting services.
The company offers end-to-end integrated solutions, either as mobile services or located within hospitals, GP surgeries or dedicated community sites.
The North West Fund for Biomedical is part of the wider £155m North West Fund, financed jointly by the European Regional Development Fund and the European Investment Bank.
The funding will be used by Diagnostic Healthcare to help it expand its diagnostic services, increase community services in more locations across the country and expand its portfolio of medical equipment.
Diagnostic Healthcare, which has provided diagnostic services in the UK and abroad for 20 years, supports the NHS and the private market in the provision of scanning and reporting, ensuring best value for money, efficiency and best patient care.
Liat Karni, managing director of Diagnostic Healthcare, said: “This investment will support the on-going growth of the company and will enable us to provide more high-end diagnostic services in more locations across the UK, as well as expanding our leading range of medical equipment.”
Michael Ringart, chairman of Diagnostic Healthcare said: “It’s an exciting time for the company and I would like to thank SPARK Impact for their trust and faith in us. We are expecting great things over the next few years.”
Dr Penny Attridge, senior investment director at SPARK Impact and manager of The North West Fund for Biomedical, said: “The range of services being provided by Diagnostic Healthcare could make a significant impact on the provision of diagnostic imaging in the UK and abroad. We are delighted to make this investment in a high quality service which is an asset to the North West and to SPARK’s biomedical portfolio.”
Diagnostic Healthcare is The North West Fund for Biomedical’s 34th investment to date.
Chris Hopper or Liam Buckley @ MC2 – 0161 236 1352
Notes to editors
Diagnostic Healthcare provides quality diagnostic services including MRI Scans, obstetric ultrasound, non-obstetric ultrasound, bone density scans (DEXA scan), cardiac test (electrocardiogram and exercise ECG) and screening test. Diagnostic Healthcare work with the NHS, independent healthcare providers, medico-legal professionals and private patients.
The service is provided by highly experienced medical teams in private clinics, hospitals and community health centres, ensuring excellence in clinical care. The head office is based in Altrincham.
The North West Fund is a substantial evergreen investment fund established to provide debt and equity funding (from £50,000 to £2 million) to small and medium sized enterprises based in, or relocating to, the North West of England. The North West Fund addresses an identified gap in the lending, venture capital and private equity markets. It is one of the largest public sector funds of its kind in Europe and the largest in the UK.
The North West Fund is financed by the European Regional Development Fund (ERDF) and the European Investment Bank (EIB) under the European Commission’s Joint European Resources for Micro to Medium Enterprises Initiative – otherwise known as the JEREMIE programme.
The North West Fund is the umbrella name for the six funds that are available to businesses in the form of debt, equity and quasi-equity. These funds are managed by five fund managers under contract with North West Business Finance Limited (NWBF), which has been established to oversee the delivery of The North West Fund. £155m has been allocated to the five fund managers, as outlined below:
Name of fund
Enterprise Ventures Ltd
FW Capital Ltd
Enterprise Ventures Ltd
Spark Impact Ltd
CT Investment Partners LLP
Energy & Environmental
AXM Venture Capital Ltd
Digital & Creative
Each fund manager has a mandate to invest their allocation into the specific product or sector they manage, until 31st December 2015. NWBF is a private, not for profit company, established to oversee the delivery of The North West Fund.
Between December 2010 and January 2012 The North West Fund has invested over £45m in more than 150 businesses. Further funding has also been earmarked to support these businesses as they grow and many more new investments are planned over 2013 and the years ahead to 2015.
The North West Fund for Biomedical and SPARK Impact
The £30m North West Fund for Biomedical, managed by SPARK Impact, is a sub-fund of The North West Fund, which is provided by the European Investment Bank (EIB) and the European Regional Development Fund (ERDF), to supply equity funding to small and medium sized enterprises in the North West of England.
The North West Fund for Biomedical, which was launched in February 2011, is accessible to a broad range of companies including those developing pharmaceuticals, new diagnostics and medical devices, and those working in the fields of clinical research, contract manufacturing and analytical services. It is open to companies based in, or prepared to relocate to, the North West of England, with 40% of the fund to be invested on Merseyside. It is expected that the fund will invest in over 50 businesses. It has already received over 200 applications and made over 30 investments to date. For more information about the fund and how to apply please visit www.thenorthwestfund.co.uk
European structure, JEREMIE
The JEREMIE initiative offers EU Member States, through their national or regional Managing Authorities, the opportunity to use part of their European Union (EU) Structural Funds to finance small and medium-sized enterprises by means of equity, loans or guarantees, through a revolving umbrella fund. The initiative was developed by the European Commission and the European Investment Fund, which is part of the European Investment Bank Group.
JEREMIE provides for a range of debt and equity financial tools to obtain the most appropriate allocation of funds according to national, regional or local requirements.
ERDF in the Northwest
ERDF is making a real difference to people and businesses in the North West. With €755 million to invest between 2007 and 2013, ERDF is enhancing the competitiveness of the region’s economy by supporting growth in enterprise and employment.
The EIB is the European Union’s long-term financing institution and, provides long-term finance for capital projects promoting European economic objectives. The EIB made its first loan in the UK in 1973 and since then has lent around €75bn for investment in the UK economy. In the years from 2004 to 2009, the EIB financed investment in the UK totalling some € 23.5bn – GBP 17.5 billion.