19th May 2023

Digital pharmacy solutions provider receives MEIF loan to further growth

A provider of digitally enabled pharmacy solutions to care homes across the UK has received further funding from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.

Following significant scaling up of the business since its first MEIF loan in 2021, Remedi Solutions has secured an additional £800,000 in MEIF investment to help boost further growth. The latest funding will be used for IT infrastructure development, premises refurbishment and equipment purchase.

Remedi is transforming care home medicine management by offering a service that dispenses and supplies repeat prescription medicines from an automated hub. Its electronic barcoding solution gives full traceability of prescriptions of medicines from the pharmacy through to the end-user      care home resident, removing the workload and error potential of the prevailing paper-based system.

Kenny Black, Remedi Solutions CEO, said: “This support from the MEIF is enabling us to fast-track our growth and continue to roll out our game-changing solutions to more care homes across the UK, resulting in better quality of care. FSE is continuing to invest in our potential, despite being an early-stage business with limited track-record and we are delighted to be working with them as we continue to grow.”

There are over 500,000 care home residents in the UK and an ageing population means this figure is set to grow substantially over the next decade. Remedi’s simple and efficient one size fits all platform will be invaluable across this largely unintegrated sector.

Harriet Saunders, Investment Manager at The FSE Group, added: “Remedi first came to us having developed an innovative solution that was ready to launch. Over the last two years, the team has already onboarded 200 care homes servicing over 8,000 residents. We are thrilled to see this progress since we provided the first MEIF loan and look forward to supporting the team further as they seek to modernise processes across the care and pharmacy sectors.”

Mark Wilcockson, Senior Investment Manager at the British Business Bank, said: “The MEIF supports sustainable and innovative SMEs in the Midlands – this follow-on funding for Remedi Solutions will continue to drive growth for the company to increase its capacity through new equipment and investment into infrastructure. We look forward to seeing how the funding will boost Remedi Solutions in its growth plans as it reaches the next stage of expansion.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2022 and the European Investment Bank. The FSE Group manages a section of MEIF that provides investments between £100,000 and £1.5 million to support growing SMEs across the region. For more information visit: www.thefsegroup.com/fund/midlands-engine-investment-fund-debt-finance.