The money will be used to fund Veincentre’s continuing expansion, with two centres in Glasgow and Leeds set to open this year as part of the company’s aim to have 13 sites by 2021.
The deal marks the fourth investment from Palatine’s £100m Impact Fund.
Established in 2003, Veincentre is a specialist medical centre for the diagnosis and treatment of varicose veins. The centre operates seven clinics across the UK in Stoke on Trent, Bristol, London, Manchester, Newcastle Under Lyme, Nottingham and Oxfordshire.
Manchester Corporate Finance house advised Veincentre on the investment.
‘The Palatine Impact Fund, with its focus on positive social impact, is the perfect investment partner for our fast-growing business,’ said David West, clinical director at Veincentre. ‘With the help of the Palatine team, our aim to bring this specialist, yet affordable treatment to as many people as possible seems more achievable than ever.
‘The work we do has become increasingly important following falling NHS funding in the sector,’ West continued, ‘and now with the help of this investment, we will be able to offer a necessary social service where access might otherwise be scarce.’
Beth Houghton, head of the Impact Fund at Palatine, added: ‘We are very excited to work with Veincentre; with the lack of NHS funding for what can for some people be a debilitating condition, it is important that people are able to access treatment at affordable prices, in convenient locations.
‘With the planned roll-out of clinics to Scotland and Yorkshire, Veincentre will be able to offer treatment in almost every major region in the nation, and the management team has ambitions to offer full coverage of the United Kingdom.’