TEMPORARY staffing business Hallam Medical has secured a £3.3m investment from private equity house Key Capital Partners.
The Sheffield-based business, which supplies the NHS and private healthcare providers in the primary care markets, is forecasting sales of £14m in the year to April 2014.
Hallam employs 40 staff and deploys around 400 nurses, mostly advanced nurse practitioners and community care specialists.
The firm opened its London office in 2013 to expand its offering to clients in the south of England.
Chief executive Scott Davies and clinical director Alex Munro founded Hallam in 2007.
Hallam appointed Jonathan Wright as a non-executive director and strategic advisor in 2012 and during the last 12 months the company has boosted its senior team with three experienced managers, which the firm said has had a positive impact on trading.
Hallam plans to strengthen its team further with the appointment of a non-executive chairman shortly.
Mr Davies said: “We are delighted to welcome KCP on board as a partner as we look to expand our business across the UK. KCP’s staffing industry expertise is second to none, and this was key in our decision in wanting them to be our funding partner. We look forward to working closely with the KCP team to execute our business plan.”
KCP investment partner Mike Fell and director Philip Duquenoy managed the transaction. As part of the investment, Mr Duquenoy will join Hallam’s board as a non-executive director.
Mr Fell said: “We very much look forward to working with the management team, who have transformed the company from a start-up into a profitable and cash generative business that is a market leader in the provision of highly qualified nursing staff to the primary care sector.
“With the shortage of senior NHS staff expected to worsen in the next five years, there is a huge opportunity for Hallam to grow rapidly. We are pleased to be part of the journey and will offer the support necessary to assist the team in building a valuable business in an attractive and growing sector.”