Backers pump Â£20m into healthcare firm
A Yorkshire technology provider which works with local authorities and health organisations to bring care into people's homes has secured additional investment of £20m from its backers, led by Charterhouse Capital Partners.
Tunstall Healthcare Group, which appointed former CPP Group boss Paul Stobart as chief executive last year, said the money would support its growth strategy as it looks to improve a trading performance that included a pre-tax loss of £123m in the year to 30 September 2013.
Whitley-headquartered Tunstall provides tele-monitoring, which lets patients take daily health readings and report on symptoms to a call-centre, providing reassurance and support, and sparking alerts if anything is amiss.
The investment was said to underline the shareholders' support for the strategy being developed by the group's new management team following a review of the group's operations and markets.
Paul Stobart, chief executive of Tunstall, said: "Since I joined Tunstall at the end of last year we have embedded an experienced management team and put plans in place to improve the financial performance of the group against a challenging trading environment.
"At the same time we have been working on developing the right strategy to capitalise on the significant longer-term potential of this business. Tunstall is the market leader in Telehealthcare, with motivated people doing great things every day for our 3.6 million customers all around the world.
"The home care market is growing and I am confident that our strategy, backed by this new investment, will enable Tunstall to improve its customer and product propositions, maintain its market leadership and deliver profitable growth."
Giuseppe Prestia, partner at Charterhouse, added: "Charterhouse has been a long-term shareholder in Tunstall and our ongoing investment underlines the strong growth prospects of the business.
"Tunstall continues to be a successful, profitable, cash-generative business and we are supportive of the management team and strategy."
Established in 1957, Tunstall serves customers in 40 countries. The business, which now has a a£220m turnover, was acquired by Charterhouse in 2008 in a £530m deal