£33m package agreed ahead of care home construction

A CARE home operator is to build a development in Kingstanding after agreeing a £33m package with its bank.

Construction work on the home will begin in August and is scheduled to take around 18 months to complete.

The funding from Yorkshire Bank will also support the refinancing of the group’s existing facilities at four homes – Abbey Court and Alma Court homes in Staffordshire, plus homes in Moulton and Corby in Northamptonshire.

John Strowbridge, chief executive of AHG said: “We have successfully grown the Group over a number of years both by acquisition and by regularly investing in our properties to maintain the high quality of the facilities we are able to offer our residents.

“We believe there is considerable potential for further growth and, for that reason, we felt the time was right to seek a new funding partner.”

Avery Homes Group (AHG) operates 43 homes across England, with capacity for more than 3,000 people. It provides a mixture of nursing, residential, respite and dementia care for both private and local authority-funded residents.

The funding, facilitated by Jamie Stuart and Graham Harper from Yorkshire Bank’s specialist and acquisition finance team.