Care provider gets £450,000 boost
THE Greater Manchester Loan Fund, managed by Maven Capital Partners, has completed a £450,000 investment in Marantomark, an owner and operator of specialist care centres catering to high dependency service users.
Founded in 2000 Marantomark has two well-established care centres in Oldham (St George’s Care Centre) and Warrington (St Mary’s Care Centre), both with strong track records of service user occupancy and earnings generation.
The GMLF has worked closely with the company’s existing banking partner Lloyds Banking Group to deliver a finance package which assisted the business with the recent opening of its third site, St Mark’s Care Centre in Sale, Greater Manchester.
Funding from the GMLF, which is supported by the Regional Growth Fund, will provide working capital support allowing Marantomark to deliver on its strategic growth plans and it is estimated the deal could create more than 50 jobs in the Greater Manchester region.
The first service users were admitted to the new site in August 2015 and the home is anticipated to contribute strongly to forecast revenue and earnings growth for the business over the coming years.
Marantomark care centres cater to service users of all ages requiring a more intensive level of 24/7 care as a result of enduring mental health issues, acquired brain injuries, early-onset dementia and challenging behaviours.
Each home has been purpose built, to a specification well in excess of minimum sector standards, in order to meet the specialist needs of its service users. The opening of St Mark’s will help boost the level of specialist clinical care options available in the local area.
Maven investment manager David Wright said: “The new St Mark’s Care is a fantastic example of a modern and welcoming care facility, bringing greater flexibility and independence to the daily lives of its residents and their families.
“The transaction provides yet another example of how the GMLF is able to work in partnership with banks and existing lenders, providing complementary and flexible sources of capital to enable businesses like Marantomark to achieve their growth ambitions.”
Marantomark managing director Joseph Maximous said: “2015 has been an exciting year for Marantomark with the development of St Mark’s Care Centre reaching completion. The opening of the Centre in Sale is a significant milestone, establishing Marantomark as a key provider of specialist nursing care in Greater Manchester and the North West.”
