Independent schools company Inspired Learning Group has agreed a refinancing deal with Allica Bank to help fund its future growth.

Inspired Learning Group specialises in acquiring financially struggling schools. Currently operating 25 schools and nurseries catering to more than 3,000 children across the Southeast, the group recently acquired a new school, Shebbear College, which occupies an 85-acre site in Devon.

Challenger bank Allica Bank has refinanced a large proportion of Inspired’s debt, providing “better rates and greater flexibility to support… ongoing expansion”.

Inspired Learning Group’s founder Amit Mehta said: “This is an exciting time for Inspired Learning. The funding we have secured is a vote of confidence in the success of our business and educational model, which will be a crucial step in our journey and the journeys of the students and families we serve.

“In this highly fragmented market there will be more consolidation within the sector, as there is strength in numbers, and this is where ILG is well positioned to continue to grow and flourish.

“Our aim when we set up Inspired Learning was to step in and stop great schools having to close due to difficult financial circumstances. We saw the potential in the schools we brought into the group, and also the massive disruption that a school closing causes to a child’s education and their local communities. We are proud to say that not a single setting brought into Inspired Learning has had to close, and this is vital to giving our students the best possible start in life.

Tim O’Donovan, relationship manager at Allica Bank, commented: “For too long banks in the UK have taken a ‘computer says no’ approach to their business customers. SMEs like Inspired Learning Group may often be complex businesses, but that complexity should not be a barrier to finance and progression. Inspired Learning is a great business and we are proud to be supporting them as the journey continues.”