A care home group has secured a £3.4m investment to expand its network in the South West.
London-based BN Care has operated three nursing homes since 2017, Hay House and The Dales in Exeter and St Vincent’s in Sussex.
Following the funding deal with equity capital provider BGF, the company said it had now acquired a fourth facility in Dorset, taking its combined capacity of specialist nursing beds across its portfolio to 120.
BN Care, which employs more than 100 staff, said it had further expansion plans to more than double the number of elderly care homes it currently owns and operates from four to 10 by 2028.
Chief executive Wade Newmark said: “We see a huge amount of potential in the range of strategic and financial support that BGF is able to provide and felt it was important to work with an investor that has a long-term approach to driving growth.
“The financial backing from BGF means we can accelerate our growth plans, supporting even more people in the region that need our services.”
The investment was led for BGF by investors Edwin Davies and Chris Jones. The firm said it had been introduced to the opportunity by HSBC, one of its shareholder banks.
Mr Davies said: “We are backing an accomplished and highly experienced industry leader in CEO Wade Newmark, who has a track record of providing high-quality services to the care home sector.
“Our investment will enable BN Care to build a network of specialist nursing homes in the South West region. We look forward to supporting the business with further funding and strategic support in the future as it expands its portfolio of homes.”
Qualified GP Dr Mark Jackson has also been appointed as a non-executive chair at BN Care as the result of an introduction from BGF’s Talent Network, which is the UK’s largest pool of non-executive directors.
Dr Jackson was previously chairman of the board of BGF portfolio company Medigold Health and deputy chairman of Allied Healthcare.
Read next:
- Luxury boat builder Princess Yachts taken over by US private equity firm
- Exeter Airport creates 25 jobs as it looks to continue pandemic rebound
- Utilities consultancy opens South West base at Exeter Science Park
- E-bike and scooter firm Beryl secures £2m for new Dorset factory
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
