Healthcare specialist, Primary Care Physio Limited (PCP), has announced a £8.25 million investment from one of the largest and most experienced growth capital investors in the UK and Ireland, BGF.
Founded in 2020 by Ryan Allen, Mohammed Nazir and Professor Gary Shuckford, PCP is a rapidly growing primary healthcare service which provides physiotherapists and podiatrists to Primary Care Networks (PCNs), freeing up GP capacity in the primary care sector. The company currently employs over 300 clinicians.
The significant investment from BGF will allow the business to execute its ambitious growth strategy, while helping to alleviate some of the challenges facing the primary healthcare market, including chronic GP shortages, growing musculoskeletal issues, and an increasing emphasis on community-focussed care.
Jon Lowe, the former CEO of Connect Health, will join the business as Non-Executive Chair. Dean Barber will be joining as Chief Financial Officer.
Commenting on the deal, Ryan Allen, CEO at Primary Care Physio, said: “With a growing, ageing, and increasingly complex patient landscape, there is an unprecedented need for a flexible and fast musculoskeletal platform that enables GP practices to continue to deliver best practice care. At PCP, we enable PCNs to meet their objectives.
“To achieve our wider strategic aims, we wanted a minority investment partner that recognised the vast potential that exists – not only in our business, but in the wider marketplace. We also wanted to work alongside an investor that could adopt a patient and long-term outlook, but equally had a strong track record of helping businesses to capitalise on the opportunities ahead of them. BGF ticked all those boxes and we’re delighted to be working with the team who we can see will add value beyond the investment.”
The deal was led by Chris Boyes and James Baker, investors in BGF’s Yorkshire team.
BGF’s Chris Boyes said: “PCP is an exciting and rapidly expanding business in a sector with significant potential, led by a highly experienced management team, with strength and depth in the primary care market.
“We’re delighted to be supporting PCP’s ambitious growth plan, as it looks to continue to deliver best in class solutions and outcomes. As the primary care market continues to recover from the pandemic, PCP is well placed to maintain its rapid growth, supporting the delivery of patient outcomes. We look forward to partnering with Ryan and the wider PCP team as we continue to scale the business.”
BGF backs Leeds-headquartered Primary Care Physio in £8.25m investment