Care home group targets growth after £27m funding deal
A WEST Midlands care home business is targeting fresh growth after securing a £27m funding deal.
Wolverhampton-based St Philip’s Care Group currently has a portfolio of 30 sites around the UK and is set to use the money to refinance existing debt.
Its current growth model is based around the strategy of regular redevelopment of its portfolio.
The group, which has been backed by Yorkshire Bank, employs around 1,000 staff and its workforce is set to rise as it acquires new homes.
Founded in 1995, the group provides facilities suited to both nursing and social needs.
It currently has full planning permission across 25 of its properties to add extra capacity; the move could see it able to accommodate an additional 150 people.
It anticipates adding around 20-25 beds per annum to homes across the portfolio and expects to recruit approximately 60 new staff each year to service the increased capacity.
The business operates homes across both the East and West Midlands and North and South Yorkshire. It also has 11 in Scotland in locations such as Perthshire, Midlothian and the Borders.
The £27m package, which will be used to refinance existing debt, was facilitated by Jamie Stuart, from the bank’s Specialist and Acquisition Finance team in Birmingham.
Gary Hartland, owner and CEO of St Philip’s Care Group, said: “We have a mature portfolio of homes and we are committed to enhancing the already high standards we offer our residents by refurbishing and extending a large number of our properties.
“Our new arrangements with Yorkshire Bank give the business a platform for a long-term banking relationship which will help us to further develop the Group in line with our ambitions.”
Derek Breingan, Head of Healthcare at Yorkshire Bank, said: “St Philip’s Care has a strong reputation across the regions it serves for the quality of its care provision and for its commitment to continually enhancing its homes and services to residents.
“We look forward to supporting Gary and his team as they move into the latest phase of their growth programme.”
