Swindon vet training firm gets £5.5m funding boost

By Jessica Durston - 6 July 2021

Business

Santander UK has announced a multi-million pound funding deal with Swindon-based Improve International.

  • Improve International training in action

    Improve International training in action

Improve International is a global veterinary training qualifications provider. Santander UK is supporting the Swindon-based firm with a five-year £5.5m Revolving Credit Facility (RCF) to fund the company’s growth plans.

Its chief financial officer, Chris Convey said: “This refinancing is an important milestone for our business. Having a supportive and responsive partner like Santander UK is critical when working to tight timelines. The RCF facility is integral to our forward strategy and will provide the capital we require to deliver our growth plans.”

Improve International was founded in 1998 by vets and is still managed by vets, with its CEO, Heber Alves, responsible for leading the company through its expansion period and implementing the strategy for digitalisation and rapid growth. In June last year, Improve International’s management was bought out by private equity firm RJD Partners, whose strategic debt adviser finnCap Group engaged Santander UK for the £5.5m funding.

Alistar Hay, Partner and Head of finnCap Debt Advisory said: “It was a pleasure to work on the recapitalisation of Improve International. Amid strong interest from lenders, Santander UK’s offering proved the perfect fit in providing significant liquidity to shareholders alongside flexibility to deliver Improve International’s growth plan.”

Improve International offers continuing professional development training and education, alongside post-graduate qualifications for vets and veterinary nurses through its International School of Veterinary Postgraduate Studies (ISVPS) brand.

With lockdowns making face-to-face training a challenge, the company added to its portfolio of online courses. The aims for the end of this year are to have launched seven new online courses, including ophthalmology last month, across multiple languages.

Demand for online courses has soared during the pandemic and the organisation said students in more countries than ever before are signing up. Improve International’s strategy is now focused on expanding its online learning offering, in its existing global markets and new countries.

Hands-on training remains an important part of veterinary learning and skills development. In the UK, Improve International has bespoke training facilities in Swindon and Sheffield.

The veterinary training group hopes to open new wet lab facilities in Europe in 2022, starting with Spain and Germany. The company delivers courses directly across the UK, Europe and USA with licensee partners delivering training in Asia, Mexico, Cyprus and Australasia.

David French, Director, Growth Capital, Santander Uk, said: “As a high-growth business with a well-executed global strategy, Improve International is exactly the type of business that Santander UK is equipped to support. We’re pleased to provide this funding to support the company in expanding its online courses and wet labs and further growth overseas, drawing on the expertise of our international team."

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