Clevedon firm Medreport, which prepares medical reports for the legal and insurance industries, has secured £3.25-million funding so it can keep growing.

Clevedon-based Medreport got the funding from Bank of Scotland Corporate to help with its cashflow because some of its cases can take up to four years to settle, leaving it waiting for payment.

Medreport says it needs working capital to ensure the business can keep growing.

The company compiles reports into medical claims made against insurance policies and it also provides private physiotherapy, through its separate Medcare business.

The firm has a nation-wide panel of expert witnesses and also supplies experts who can give evidence into whiplash cases and clinical negligence claims.

The two sister companies Medreport and Medcare have 52 members of staff and a turnover of £6.5m.

Director Simon Munro said: "The funding ensures that we can continue to provide a first-class medical service to both the legal and insurance markets.

"Our reports require the very highest standard of medical reporting so it is important that we have a robust and long-term finance provider who can ensure that finance never holds us back in our day-to-day operation."

Director of Bank of Scotland cash flow finance Steve Ralph said: "Medreport is an excellent business which provides insurers, solicitors, defendants and claimants with a professional solution.

"Cash flow is a challenge for many companies and there are few businesses which have such long payment terms as Medreport.

"We were happy to assist the business with this form of financing, as payment is either made from the solicitors' client account, or by the insurer.

"We would be very keen to look at other financial requirements for them and similar businesses in the future."