North Yorkshire-based Claro Hill Vets has secured a £90,000 loan to help navigate past cashflow issues during development of a state-of-the-art, purpose-built facility.
The money came from Northern Powerhouse Investment Fund II – managed by Business Enterprise Fund.
Founded by experienced veterinary surgeon Laura Keyser in January this year, Claro Hill Vets services clients in Harrogate, Wetherby, North Leeds, and surrounding areas, operating from a state-of-the-art, purpose-built facility. The practice is equipped with three consulting rooms, two sterile operating theatres, a dental suite, digital x-ray, an in-house Idexx laboratory, and a cutting-edge CT scanner. Separate wards for cats and dogs ensure optimal patient care.
When unforeseen circumstances led to cost overruns during the facility’s development, the practice faced potential cashflow challenges. To navigate this, Laura turned to BEF for support, securing an NPIF II – BEF Smaller Loan alongside a £25,000 Start Up Loan provided by BEF in June 2024.
Laura said: “We’re incredibly grateful for the support we’ve received from BEF and the NPIF II fund. This funding has been instrumental in allowing us to overcome early financial challenges and focus on delivering the high level of care we’re passionate about. With our state-of-the-art facility, we’re excited to expand our services and grow our team, all while continuing to serve the communities of Harrogate and beyond. Our goal is to not only meet the rising demand for small animal care but to set new standards in veterinary services.”
The funding not only provided crucial working capital but also enabled the creation of four new jobs while protecting seven existing ones.
Claro Hill Vets is one of the first businesses in North Yorkshire to benefit from a NPIF II Smaller Loan since the launch of the £660 million fund in March 2024.
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
Mark Iley, Senior Investment Manager at BEF said: “Laura and her team have created a truly impressive facility with cutting-edge technology and a commitment to high-quality care. By providing this funding, we’re not only helping them stabilise their operations but also enabling future growth and job creation in the local community. We’re excited for this round of funding to play a role in aiding her vet practice to reach its ambitious growth targets.”
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
