- Founded in 2018, Medicare Insourcing Services provides on-site clinical teams to NHS Trusts, helping reduce waiting lists and improve patient outcomes across a range of specialties;
- The business operates in a high-growth segment of the UK healthcare market, driven by increasing demand for flexible capacity solutions to address NHS backlogs;
- Bay Tree Private Equity’s investment will support Medicare’s continued geographic expansion and service line growth, building on its strong reputation for clinical quality and delivery;
- The facilities from OakNorth will support the management buyout and provide additional capital to accelerate the company’s next phase of growth.
London, 27th April, 2026: OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a bespoke funding package to support Bay Tree Private Equity’s investment into leading clinical insourcing provider, Medicare Insourcing Services.
Founded in 2018, Medicare partners with NHS Trusts to deliver additional clinical capacity, helping reduce waiting lists and improve patient outcomes. The business provides high-quality insourcing solutions across diagnostics and outpatient services, deploying experienced clinical teams directly into NHS facilities. Its flexible, on-site delivery model enables hospitals to increase throughput quickly and efficiently without the need for additional permanent infrastructure.
The facilities from OakNorth will support the management buyout and provide additional capital to accelerate the company’s next phase of growth. As part of the transaction, Stephen Collier has been appointed as Chair. Stephen brings significant experience of supporting and scaling healthcare services businesses and will work closely with the management team and Bay Tree to support the next phase of growth.
Commenting on the announcement, Scott Littlefield, CEO of Medicare, said: “We are delighted to partner with Bay Tree and to welcome Stephen as Chair. Bay Tree brings a strong track record of supporting service-led businesses, and Stephen’s experience will be invaluable as we continue to grow and expand our offering to the NHS. We are also pleased to be working with OakNorth, whose flexible and supportive approach to lending makes them an ideal funding partner as we scale.”
Edward Cottrell, Partner at Bay Tree, commented: “Medicare operates in an attractive and growing segment of the UK healthcare market, providing essential additional capacity to the NHS. The business has developed a strong reputation for clinical quality and delivery. We are delighted to be partnering with Scott and his team and look forward to supporting the business in its next phase of growth. OakNorth’s understanding of the lower mid-market and ability to deliver at pace made them a natural choice to support this transaction.”
Stewart Haworth, Senior Director of Debt Finance at OakNorth, added: “Medicare is a high-quality business operating in a structurally growing market, underpinned by strong demand for solutions that can help the NHS tackle waiting lists and capacity constraints. We are delighted to support Bay Tree and the management team on this transaction and look forward to working with them as they continue to scale the business.”
ENDS
Notes of Editors
OakNorth
Launched in September 2015, OakNorth is the bank for entrepreneurs, by entrepreneurs. It was founded to address the persistent funding gap facing lower mid-market businesses – a segment that accounts for a significant share of economic output yet remains underserved by traditional banks.
To date, OakNorth has provided over $20bn in lending to thousands of entrepreneur-led businesses across the UK and US, supporting the creation of more than 70,000 jobs and generating more than £40bn in economic value. Throughout multiple economic cycles, the bank has maintained a highly disciplined approach to credit, delivering performance metrics that place it among the top 1% of commercial banks globally.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
About Bay Tree Private Equity
Bay Tree Private Equity is a UK-based private equity firm investing in lower mid-market businesses. Bay Tree partners with ambitious management teams to support growth and value creation, typically investing in companies with EBITDA of £2–10 million. The firm adopts a flexible, deal-by-deal investment model and focuses on sectors where it can bring relevant expertise and strategic insight.
Media Contact – Edward Cottrell | Partner
Email: [email protected] | www.baytree.pe