Beyond Corporate concludes £8m refinance deal for care home business
Fast growing Manchester-based law firm Beyond Corporate has successfully concluded an £8m refinance deal for care homes operator New Care with Yorkshire Bank.
The deal covers New Care’s latest care centre, Grosvenor Manor, which opened recently on Heath Lane, on the edge of Chester city centre.
Initially funded with a loan from Heritage Square, part of Puma Investments, the state-of-the-art 81-bed care centre is now complete, has its CQC (Care Quality Commission) certification and is officially welcoming its first residents.
The refinancing will support the project during its first few years of trading as it seeks to establish itself in the area and set a new benchmark for quality care in Chester.
New Care chief executive, Chris McGoff, said: “It’s great to officially open the doors to Grosvenor Manor, our fourth ‘new generation’ care centre in the UK.
“Response from investors and the local community has been fantastic and we are grateful to Yorkshire Bank for providing us with the necessary finance to get the home off to a great start during this critical initial period.”
Associate director at Yorkshire Bank, Andrew Boggis, said: “New Care is a professional developer and operator with a proven track record and we are happy to help facilitate their vision for future projects.
“The directors and employees should rightly be proud of what they have delivered with Grosvenor Manor, it is a fantastic care facility that really sets new standards in Chester.”
Associate director at Beyond Corporate, Nina Latham, led the deal on behalf of New Care.
She said: “It is a pleasure to work with New Care, and the wider McGoff Group, and see this latest care home open to such a wonderful reception in Chester.
“We continue to develop our partnership with the McGoff Group and look forward to supporting them with further projects in the future.”
Claire Shepherd, from Squire Patton Boggs, led the deal on behalf of Yorkshire Bank, with Brian Morton from Optimum Healthcare Solutions providing specialist healthcare advice on the refinance to New Care.
Nottingham-based New Care is one of the UK’s fastest growing development-led care home operators.
