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|Aldermore bundles finance deal for Kingsbury Pagination in West Midlands|
|Thursday, 01 September 2016|
Kingsbury Pagination, a leading provider of medical records pagination and interpretation services to the clinical negligence legal sector, has agreed a six figure finance facility from Aldermore, the specialist lender and savings bank.
Kingsbury, based in Solihull, was established in 2011 by Emma Coley, a former clinical negligence solicitor. The company assists law firms handling clinical negligence claims with the organisation and interpretation of the medical records of their clients.
The business has grown steadily over the past three years, with turnover increasing fivefold during the last 18 months. This rapid growth has coincided with Kingsbury’s introduction of an innovative model of charging for its services, moving from an hourly rate system to a fixed fee scale, which has led to a saving of roughly 50% on the cost of pagination for its clients.
Headcount at Kingsbury has risen from five staff at the start of 2015 to 15 today, and thanks to the finance package agreed with Aldermore, that number is expected to rise further.
Emma Coley, Managing Director of Kingsbury Pagination, commented: “One of the unique features of our offering is that our law firm clients are automatically entitled to extended credit on the fees they incur. This has proved very attractive to firms that are handling high volumes of cases, however it has left us with a funding gap to fill. We spent months shopping around with various finance providers, none of whom could provide us with a package that exactly suited our needs.
“Yet within the first 30 minutes of meeting with Aldermore, the team had devised a system that fitted our business model perfectly. Since then we have worked very closely with them to tailor an individual package that suits our business, and the whole deal was completed in less than six weeks.
“The growth we have achieved at Kingsbury over the past 18 months has been amazing and now that we have the finance package in place, we are able to push on with our expansion plans. We have already invested in better IT systems and increased headcount by 40%. With our turnover continuing to grow rapidly, and with the comfort of finance in place, we have further expansion plans over the next few months.”
Mark Williams, Business Development Manager, Invoice Finance at Aldermore, said: “Kingsbury has seen phenomenal growth in the last few years. Due to the particular nature of their offering, they required finance to fund their expansion while continuing to help their law firm clients with their cash flow. Having reviewed their business plan and met the management team, we could quickly see that this was a very well organised company, as well as the tremendous further potential that existed if they were able to access funding.
“We were delighted to create a funding package that suited Kingsbury and are very excited to be working with them. It’s wonderful to see the growth they have achieved since we became involved, as well as the extra recruitment that has taken place."
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