Clydesdale Bank backs leading independent foster care company

Independent foster care company By the Bridge has undergone a debt refinance backed by a £4m funding package from Clydesdale Bank Corporate & Structured Finance.

By the Bridge provides highly-trained foster parents for children with complex needs, many of whom might otherwise require expensive residential care. Founded in 2002 and based in Sittingbourne, Kent, it has offices in Essex and Rugby and provides services throughout London, the South East and the Midlands.

Following the acquisition of Foster Care Services North West in October 2008 the business also has an additional office in Stockport providing services in the North West.

The business is majority owned by a fund managed by Apposite Capital, who specialise in healthcare investments, which initially invested in By the Bridge in May 2006.

Both organisations operate to high standards and received “outstanding” ratings overall from Ofsted at their last inspections.

Liam Caffrey, associate director, with Clydesdale Bank Corporate & Structured Finance said: “By the Bridge has an outstanding track record, driven by a highly experienced management team with a real passion for quality. This is an excellent opportunity to support a business that provides a very valuable social service and sets the highest standards.”

Steve Adkin, partner with Apposite Capital added: “Improving outcomes for looked after children is a major social challenge and we are proud to work with the team at the By the Bridge group, who continually seek to bring innovation and new ways of thinking to this important area.  We strongly support the company’s focus on the professional role played by foster parents and we look forward to playing our part in building on the great work already done to achieve ever greater success.”