Bank loan secures new 59-room residential care home by specialist developer

Manchester digital bank, OakNorth, has provided a bespoke loan to Staffordshire-based Lovett Care, to support the development of a new purpose-built care home in Northern Moor, Manchester.

Founded in 2009, Lovett Care specialises in offering residential, nursing and dementia care across England and Wales.

The past three years has seen the business grow to nine care homes, with the group’s current portfolio now consisting of more than 500 beds. With a core focus of enabling older people to continue living an active and enriched life, regardless of their needs, Lovett Care says it has built-up a strong reputation in all the areas it operates in.

The Northern Moor site will consist of 59 en-suite rooms, lounge and dining facilities, hair and beauty salon, café, and activity room, and will specialise in offering nursing and dementia care, as well as treatments for other mental health conditions.

The facility follows OakNorth’s initial loan to Lovett Care in March 2023, that was used to support the group’s future growth.

Keith Crockett, Lovett Care CEO, said: “This is a further milestone in our long term growth strategy and consistent with our commitment to deliver the best quality care in attractive market locations.”

Dale Cowdell, OakNorth director of debt finance, said: “With those aged 65+ in both England and Wales set for a substantial increase over the next decade, this further highlights the importance of building new sites at locations across the UK.

“With a robust expansion strategy, the upcoming site will be a valuable addition to the community, enhancing Lovett Care’s overall success.”