Maven Capital Partners invests in The GP Service

The investment will enable GPS to accelerate the roll-out of its service across new geographical locations, and develop a range of products and services where there are strong market drivers.

The online pharmacy and prescription market is a fast emerging sector in the UK, driven by an increase in average waiting times for GP appointments as well as surgery opening times being unsuitable for people’s busier lifestyles. This has resulted in an increased demand for alternative methods of accessing medical advice and treatments. GPS addresses this issue by offering a solution which enables customers to tailor healthcare needs around work and family commitments.

The GPS web-based platform (thegpservice.co.uk) delivers GP consultations live via a direct video link, and prescriptions are issued to a pharmacy of the registered user’s choice. With the service operating daily from 7am to 8pm, it provides the flexibility required by people who are currently unable to visit a doctor or obtain a prescription within traditional surgery opening hours.

Stella Panu, partner at Maven, said: “We are very pleased to be supporting Atul and his ambitious management team in this exciting new venture. The increasing appetite from busy people for alternative ways to seek quality, reliable medical advice and treatments, in the face of demanding lifestyles and increasing GP waiting times, means that the business is well placed to achieve significant growth.

“The investment in GPS offers Maven clients an excellent opportunity to invest in an innovative new business, and we look forward to working closely with Atul and the senior team at the forefront of this emerging sector.”

GPS is led by experienced entrepreneur Atul Devani as executive chairman.

Mr Devani was the founder of United Clearing, which listed on AIM in 2004, before being sold in 2006 for £25 million. He then served as CEO of BSG’s wireless division prior to its trade sale to Syniverse Technologies for $290 million.

He added: “I am delighted to have Maven on board as part of this exciting revolution in Healthcare. Whether you’re a busy individual that needs to see a Doctor at a time convenient for you, or an employer offering the service as a benefit and avoiding the inconvenience of the need for staff to take a day off, we are able to provide a solution for you. In utilising the funds raised, GPS has planned a number of exciting, innovative products and services that we aim to launch into the marketplace.”

Financial due diligence was carried out by HMT LLP, Legal advice provided by Marriott Harrison LLP, and IT due diligence by David Thompson.