ADL secures £7m refinancing deal

CARE home operator ADL, which has a number of sites in Yorkshire, has completed a £7m refinancing deal.

ADL operates 16 care homes across Yorkshire, the South West and the South East.

In Yorkshire it has operations in Pudsey, Keighley, Scunthorpe and Leeds.

The 15-year refinance, led by commercial manager Rob Matson, marks the start of a new banking relationship with HSBC.

ADL was formed in 2004 following a reverse takeover of AIM-listed Matrix and was delisted from AIM in 2010 following the rebrand to ADL.

The company is 85% owned by a concert party, comprising managing director Jeremy Davies and two other partners, and the majority owners would seek to acquire as near to 100% of the business as possible.

It is also on the lookout for existing businesses to expand the company and has previously specialised in buying established homes out of receivership, as well as operating partnerships with existing owners.

Davies said: “Although this refinance won’t be used to fund the share purchases, it strengthens our balance sheet and gives us the platform to enable us to do it. We’re keen to hear from investors with shares in the business because we want to own as much of the company as possible.”