National occupational health and well-being service provider, Fusion OH has secured a £1m funding facility from Praetura Invoice Finance, priming the business for growth and new acquisitions.
Established eight years ago with an office in Sale, Fusion Occupational Health is a leading provider of occupational health services to a wide range of UK businesses across banking, commercial, retail and education sectors.
Operating from its premises in Sale, Manchester and Caerphilly, Fusion employs 85 staff, including specialist occupational health nurses, doctors and trained technicians.
The business was created from a 2016 management buyout of the long-standing Occupational Health Division of Alcumus. Following their first six years of trading, the business attracted new investment which enabled them to revolutionise their workplace occupational health assessments and wellbeing offering, which use technology to provide strategical insights to their clients.
Continuing on this growth trajectory, Fusion OH enlisted Praetura Invoice Finance to structure a £1m confidential invoice discounting facility. The funding will be used to provide Fusion with adequate working capital as it looks to build a successful sales and marketing team and targets the acquisition of other businesses.
Bill Barley, CEO of Fusion Occupational Health Ltd commented:
“Fusion’s main costs are its payroll but increasingly our customers expect extended payment terms so as we grow the funding gap between us paying our staff and receiving payments gets bigger end bigger. Our experience with Praetura has been wholly positive, following the introduction and prompt exchange of data they were able to provide us with a proposal that met our needs within a few days. Once we agreed terms, the due diligence process was efficient and well managed with the solution in place in a matter of a few weeks. Their tenacity and professionalism has helped us to create a stable financial platform from which we can build our organisation upon.
Jeff Greenfield, Sales Director at Praetura added: “Fusion provides essential workplace services to UK businesses, and we were delighted to support them with a facility to enable their growth. We look forward to seeing Bill and his team develop the business further and continue to thrive.”
