Cora Health was formed by the merger of Connect Health and Healthshare, both companies with a number of contracts with the NHS for musculoskeletal services, pain management, diagnostics and other community-based services.
Cora Health is controlled by the private equity company, Lloyds Development Capital.
Updated: September 2025
Strategy
Cora Health was created in December 2024 by the merger of Connect Health owned by LDC (Lloyds Development Capital), a private equity company, and Healthshare, owned by private equity company BGF. The ultimate controlling party of Cora Health is LDC.
LDC originally completed a minority investment in Connect Health in 2020, with the business subsequently acquiring Pain Management Solutions (PMS) to expand its services. BGF invested in Healthshare in 2019.
Cora Health is headquartered in Newcastle and its large contracts for community services are predominantly in the North of England. Healthshare's contracts were predominately located in the South of England.
Connect Health was founded in 1989 and had built up a business with private patients and the NHS in the area of physiotherapy, musculoskeletal conditions, diagnostics, chronic pain, rheumatology, and mental health services. In its last accounts for the year ending June 2024, the company noted that it treated over 350,000 NHS patients per year across 22 integrated care systems and had over 800 employees. But for two successive years it had made a loss each year of over £2 million.
Healthshare was based in Kent and was described as an integrated care provider providing various services to the NHS covering musculoskeletal, pain management, orthopaedics, physiotherapy, rheumatology and podiatry. The company had built up a large diagnostics business including X-rays, MRI, endoscopy and ultrasound. The company also had contracts with the prison service. In its last published accounts, the company noted that it served over 500,000 NHS patients in integrated care systems, hospital trusts, primary care networks and prisons.
Financials
Cora Health is controlled by Lloyds Development Capital (LDC), a private equity company. LDC acquired Connect health in late 2024 and it was merged with Healthshare to form Cora Health.
The last accounts for Connect Health were for the year ending June 2024. The company had a turnover of £53.2 million in that year, but a loss after tax of £2.4 million (2023: loss of almost £3 million).
The last accounts for Healthshare were for the year ending March 2024. The company had a turnover of £38.6 million in that year and a profit after tax of £1.2 million (2023: loss of £7.4 million).
Contracts
Framework contracts
A listing on a framework contract means that companies have been pre-approved for contracts and can be awarded contracts by NHS organisations using a call-off contract.
Both Healthshare and Connect Health were awarded a place on the framework contract - Insourcing of Clinical Support Services - published in November 2024 and ending July 2027.
Healthshare was awarded a place on the framework contract - Clinical Managed Services including Managed Maintenance - published in February 2024 and ending January 2028.
In December 2021, Healthshare was awarded a place on the framework - Invitation to Tender For: Community Diagnostic Centres Framework Agreement - which allows the company to tender for Community Diagnostic Centres. Healthshare was one of 52 companies awarded places.
In November 2021, both Healthshare and Connect Health were awarded places on the contract - NHS Workforce Alliance Framework Agreement for Insourced Services to Support the Provision of Healthcare Services by NHS and other public bodies (including Clinical Services) - which runs until October 2025.
Other contracts
Healthshare, together with Omnes and InHealth, was awarded the contract for community diagnostics in North East London. The contract began in April 2024 and runs until March 2032. The entire contract is worth over £97 million over this period of eight years and covers cardiology, endoscopy, MRI and ultrasound.
In February 2024, Connect Health was awarded the contract to provide a pain management service in County Durham. The contract began in May 2024 and runs to March 2029.
In July 2023, Connect Health was awarded the contract for IAPT services in Hounslow valued at £3.3 million over five years.
In March 2022, Connect Health was awarded the contract for IAPT services in East Riding valued at up to £1.2 million to March 2027.
Healthshare has had a number of short-term contracts for use of its mobile MRI unit with the Queen Elisabeth hospital Kings Lynn.
In January 2023, Healthshare was awarded the contract - Detained Settings - Mobile Diagnostic and Imaging Services - for work in prisons. The contract began in April 2023 and runs until March 2030. The contract is worth £9.1 million.
Connect Health was awarded the contract for NHS South Tyneside in March 2022 for an MSK integrated service. The contract is valued at over £8 million and finishes in March 2029.
Cora Health also lists the following services on its website:
Lincolnshire: community pain management services
Nottingham: community Musculoskeletal (MSK) service - assessment and treatment for people with musculoskeletal conditions.
South West Essex: MSK service
London: provision of podiatry, MSK and diagnostic imaging at a number of clinics in Brent, Camden, Hammersmith & Fulham, Harrow, Hounslow, West London, South West London, Merton and Central London.
Darlington: integrated MSK service
Durham: community pain management service
North Tyneside: community MSK service
Northumberland: JMAPS (Joint Musculoskeletal and Pain Service), a partnership between Northumbria Healthcare NHS Foundation Trust and Cora Health.
South Tyneside: community MSK service
Heywood, Middleton and Rochdale: Pain management and MSK services
North Manchester: diagnostics, pain management and physiotherapy
West Lancashire: pain management services
Hull and the Humber: MSK and pain service
North Lincolnshire: MSK and pain management service
Wakefield: MSK service
