Push Doctor owner Square Health hires bankers to explore capital-raise

A prominent provider of virtual GP services has drafted in bankers to explore a capital-raising as its family owners look to capitalise on its status as Britain’s biggest telehealth provider.

Sky News has learnt that Square Health, a software platform which counts Push Doctor among its operations, has hired HSBC to advise on strategic options for raising growth capital.

The company, which is based in Windsor and was established in 2009, is owned by Bippon Vinayak and Anne King - both of whom are qualified doctors.

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It has a network of more than 5,000 medical professionals and claims to serve more than 40% of FTSE 100 companies.

Square Health also has extensive relationships with major UK health insurance providers, and boasts 10 million end users.

It has grown significantly amid rising demand from employers for digital healthcare services.

Employing more than 200 staff and an IT development team numbering over 150, Square Health bought Push Doctor in 2022 when the latter was on the brink of insolvency.

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At the time, Dr Vinayak said: "The two businesses are highly complementary, working in separate sectors and allow the opportunity to bring the best in clinical, technological and service delivery."

The company now generates annual revenues of roughly £40m.

Square Health and HSBC declined to comment on Monday.