Vet practice secures funding package

An independent Shropshire vets practice has seen significant growth since securing a five-figure loan funding package from finance provider ART Business Loans.

After receiving funds from Birmingham-based ART Business Loans in 2022, The Market Town Vet now operates two centres, with a third on the way, while increasing its head count from five employees to 35 staff.

Managing director Rob Tulloch launched the business with a practice in Oswestry during the Covid-19 lockdown in 2020, opening another site in Shrewsbury soon after.

When cashflow became challenging he looked to borrow funds to support the business during its growth phase but was unable to get the backing he needed from his approaches to mainstream lenders. A broker recommended Rob speak to ART Business Loans, who were able to fund the next phase in his journey.

ART Business Loans is a community development finance institution which seeks to ensure viable businesses in the West Midlands and adjoining counties can access the finance they need. With loans available for any business purpose from between £10,000 and £250,000, ART Business Loans takes a personal approach to assessing applications.

Rob said: “The Market Town Vet was growing and I wanted to employ more people as we capitalised on the opportunity for an independent vets practice to deliver affordable, high quality services in Shropshire.

“We needed a cash injection but as a small new business we could not get the interest of high street bank lenders, even though I could see we were going in the right direction.

“In many cases I was not given the opportunity to explain our plans in person so I appreciated the support of ART Business Loans, who offered a straightforward application process and gave me the chance to talk about our business and the way forward.

“They took a risk supporting us as a new business but it was a breath of fresh air to speak to somebody about the long term vision. We plan to grow further with a new centre opening soon in Whitchurch, which will take our headcount about 40, with ambitions to grow further in new areas in the future.”

ART Business Loans manager Martin Edmonds said: “We are proud to have played a part in the success of The Market Town Vet, which is not only creating jobs but providing an essential independent service to communities across Shropshire. Rob had a clear vision and a viable business model yet he could not get the help from mainstream lenders as the company was in its infancy.

“By taking the time to look beyond the balance sheet and listen to the long-term strategy, we were able to provide the support needed to unlock that potential. Seeing the practice grow to 35 employees, and soon opening its third site, is incredibly rewarding.”

In the last 10 years ART Business Loans has lent more than £25 million to 600 businesses that have created or preserved 4,290 jobs. The lender has been allocated £7million under the British Business Bank’s Community ENABLE Fund to provide loans above £25,000 to businesses across the West Midlands.

For more information on ART Business Loans visit: www.artbusinessloans.co.uk

Pictured: From left Martin Edmonds of ART Business Loans with Rob Tulloch, managing director at The Market Town Vet