London-based construction business Formation Group has put £5m into radiation therapy company Proton Partners.

Insider Media reports Formation Group has bought a 3.44% stake in the company, which also plans to open a proton beam therapy cancer centre in Abu Dhabi next year.

Proton Partners International (PPI) is based in Newport with operational centres in South Wales, the North East of England and Thames Valley.

Following the investment, Formation can appoint a director to the board of PPI.

A statement from Formation read “The directors believe that PPI has large growth potential in an undersupplied market, as the NHS and health insurance companies increasingly recognise the importance of Proton Beam Therapy in the treatment of cancer and are prepared to fund such treatments for their patients. Since its inception in 2015, PPI has demonstrated its ability to operate effectively in a specialised market place, having successfully acquired land and built treatment centres. The Directors believe that PPI’s expansion to date has been planned and delivered in an organised and efficient manner by a professional management team and operating structure, utilising the company’s own cash resources and only very limited bank borrowing. They further believe that Formation’s investment in PPI diversifies the focus of the company’s business, into a relatively low risk sector, with the potential for rapid and profitable growth.”