North East accountancy and advisory firm, MHA Tait Walker has helped ART Health Solutions Ltd to secure a £200,000 loan extended via NatWest under the Coronavirus Business Interruption Loan Scheme (CBILS). The loan will be used to assist the company in trading through COVID-19 and provide a platform for future growth.
ART Health Solutions Ltd was set up by Paul Smith and Phill Bell in 2018. Both have backgrounds in Sports Science and vast experience of working with elite athletes and teams. They previously worked together at GlaxoSmithKline until the sport science offering closed in 2017, which is when the business idea for ART was born.
The GSK worldwide real estate & facilities team approached ART to deliver their scientific solutions in their innovative “Workplace Performance Hub” project. This project was designed to help GSK build the workplace of the future and involved ART integrating robust data collection techniques and analysis methodology into the corporate world. ART’s services provided senior stakeholders with meaningful insights which allowed them to make evidence-based decisions relating to employee wellbeing & performance.
ART has since won contracts with other blue-chip companies. In the two years since it started, it has established a profitable track record of delivering data-based insight to large employers, including the multinational facilities management group JLL.
Lee Humble, Associate Partner Corporate Finance at MHA Tait Walker, said: “ART is a fantastic business who have very recently started to work with some high-profile clients. The outbreak of COVID-19 has disrupted this progress and caused a natural deceleration which has posed some cashflow concerns later this year.
“We were able to construct a detailed financial model which identified the potential funding gap under a range of scenarios which we shared with NatWest. As a result, were able to introduce a range of measures which will ensure the business can continue to trade across the coming months and provide a springboard for future growth.”
“NatWest were extremely supportive throughout the process and I applaud the customer service provided by Julie Cuthbertson.”
Paul Shields, Associate Partner at MHA Tait Walker added: “I have known Phill for many years, so we were delighted when he approached us to work alongside the company. It was especially pleasing to assist ART to help secure the funding which will enable the company to continue to grow and develop.”
Phillip Bell at ART Health Solutions said: “We’re delighted to have secured the CBILS funding and are hugely grateful to Lee, Paul and colleagues for providing their expert support. This injection of capital offsets any COVID-19 induced cashflow concerns and will allow us to continue our growth in 2020 and beyond.”