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Claro Hill Vets secure £90,000 NPIF II Investment to drive growth, create jobs, and expand cutting-edge animal care in North Yorkshire

Press release 12 November 2024

A North Yorkshire-based veterinary practice has secured £90,000 from NPIF II – BEF, which is managed by Business Enterprise Fund (BEF) as part of the Northern Powerhouse Investment Fund II (NPIF II). The funding also came from BEF’s Community Investment Enterprise Fund 2 (CIEF2) backed by Lloyds Bank and Better Society Capital.

Two people pose in front of a structure marked with the sign "Claro Hill Vets"

Founded by experienced veterinary surgeon Laura Keyser in January 2024, Claro Hill Vets delivers a full range of small animal care services, from vaccinations and dental care to nutrition and advanced diagnostics. The business services clients in Harrogate, Wetherby, North Leeds and surrounding areas.

Operating from a state-of-the-art, purpose-built facility, the practice is equipped with three consulting rooms, two sterile operating theatres, a dental suite, digital x-ray, an in-house Idexx laboratory, and a cutting-edge CT scanner. Separate wards for cats and dogs ensure optimal patient care.

When unforeseen circumstances led to cost overruns during the facility’s development, the practice faced potential cashflow challenges. To navigate this, Laura turned to BEF for support, securing an NPIF II – BEF Smaller Loan alongside a £25,000 Start Up Loan provided by BEF in June 2024.

The £90,000 NPIF II funding not only provided crucial working capital but also enabled the creation of four new jobs while protecting seven existing roles. With cashflow stabilised, Claro Hill Vets is now focused on expanding its client base, aligned with its goal of reaching over £500,000 in turnover in its first year of operations.

Claro Hill Vets is one of the first businesses in North Yorkshire to benefit from a NPIF II Smaller Loan since the launch of the £660 million fund in March 2024.

The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

Laura Keyser, Director at Claro Hill Vets said:

We're incredibly grateful for the support we've received from BEF and the NPIF II fund. This funding has been instrumental in allowing us to overcome early financial challenges and focus on delivering the high level of care we’re passionate about. With our state-of-the-art facility, we’re excited to expand our services and grow our team, all while continuing to serve the communities of Harrogate and beyond. Our goal is to not only meet the rising demand for small animal care but to set new standards in veterinary services.

Mark Iley, Senior Investment Manager at BEF said:

We are delighted to support Claro Hill Vets as they embark on this exciting phase of growth. Laura and her team have created a truly impressive facility with cutting-edge technology and a commitment to high-quality care. By providing this funding, we’re not only helping them stabilise their operations but also enabling future growth and job creation in the local community. We’re excited for this round of funding to play a role in aiding her vet practice to reach its ambitious growth targets.

Lizzy Upton, Senior Manager at British Business Bank, said

It’s great to see entrepreneurs like Laura start their own business after years of working in industry, and the funding shows how external finance can enable faster growth. Supporting businesses like Claro Hill Vets is at the heart of what the Northern Powerhouse Investment Fund II is designed to achieve—unlocking opportunities and driving sustainable economic growth across the North.

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

ENDS

Further Information

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Notes to editors

About the Northern Powerhouse Investment Fund II

  • Operated by the British Business Bank, NPIF II provides a mix of debt and equity funding. NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development.
  • The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Greater Manchester, Lancashire, Cheshire & Warrington, Cumbria, Liverpool City Region, Leeds City Region, South Yorkshire Combined Mayoral Authority, York & North Yorkshire, Humber and East Yorkshire, Northumberland, County Durham, Tyne & Wear.
  • Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
  • For investment by NRIL at the sub-fund level
    The investment from the Nations and Regions Investments Limited into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.
  • For investment by NPIF II sub-fund at the investee company level
    The investment from the Northern Powerhouse Investment Fund II into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.

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