HealthHero has told Health & Protection it has successfully completed the refinancing required to provide the business with the “significant financial headroom” to pursue its strategic growth ambitions.
The refinancing closed in April after financial results for the remote GP and health services provider cast ‘significant doubt’ on its ability to continue as a going concern.
Reliance on parent company
In response to those results in April, HealthHero told Health & Protection that the business was in the middle of a significant growth trajectory and expected operating profit before exceptionals, depreciation and amortisation to be well above £10m in 2026.
This was despite the results revealing the company was heavily reliant on parent company Medtop’s ability to raise funding.
HealthHero Group Limited’s year end 2024 annual results, filed with Companies House on 24 March and published on 3 April, revealed a loss after tax of £7.01m, although this was an improvement on the £40.5m loss in 2023.
However, parent company MedTop Group posted its results for the whole group a couple of days before HealthHero showing a £40.2m after tax loss for 2024, up slightly from a £39.9m after tax loss in 2023.
HealthHero’s results pointed out that under the terms of these arrangements, if Medtop Intermediate Limited was unable to meet scheduled interest or principal repayments, the bondholders could enforce their security over the company’s assets.
This meant the company’s ability to continue as a going concern was dependent upon the ability of Medtop Intermediate Limited to meet its obligations under the bonds (which include interest and principal repayments due in 2026 and 2027).
HealthHero’s directors acknowledged that Medtop Intermediate Limited is in turn dependent on funding raised by other companies in the Medtop Group, adding they also understood that the group had received heads of terms for an additional loan facility and due diligence is underway, with refinancing expected to close in April 2026.
Successful refinancing
Three months on in providing an update to Health & Protection, HealthHero said that refinancing had successfully completed.
A spokesperson from HealthHero said: “In the first half of 2026, the HealthHero group successfully completed a comprehensive debt and equity refinancing, strengthening our capital structure and cash position.
“The refinancing allowed for a significant extension of our debt maturity profile together with a substantial equity injection.
“This transaction demonstrates the continued confidence of HealthHero’s shareholders and lenders.
“The refinancing, combined with our continually improving trading performance and operating cash generation, means that we now have significant financial headroom to pursue our strategic growth ambitions.”