My Choice Healthcare Four has acquired two care homes in Swansea and refinanced existing debt following a £4.2m loan from OakNorth Bank. It has expanded with the acquisition of the 22-bedroom Hawthorn Court close to the city centre and its sister home, the 14-bedroom Ocean Living, located on Mumbles Road. Both homes offer residential and nursing care for those aged 65 and over, supporting older people including those living with dementia.
My Choice Healthcare is a subsidiary of Coventry-based My Choice Healthcare Group, whose founder and chairman, Craig Sheppard, said: “With the number of people aged 75 and over in Wales expected to increase significantly over the next 13 years, there is a need for more local care facilities. With our acquisition strategy, we’re hoping to help address this need and ensure Swansea’s elderly population are offered high quality care facilities. This is now the second time we’ve worked closely with the team at OakNorth Bank. Their depth knowledge of the sector, which was critical in getting the deal over the line.”
Martin Williams, director of debt finance at OakNorth Bank, said:“As we look to grow our lending efforts and capabilities across England and Wales, we’re once again delighted to partner with a firm that is part of the hugely successful My Choice Healthcare Group. Its management and operational teams have more than 30 years’ experience working in the industry and running care homes, so have extensive market knowledge and experience operating through economic cycles. This is part of their group growth strategy which resonates well with OakNorth, so we look forward to working with the team again on future care home acquisitions moving forward.”
Moreover, a Cardiff care home has unveiled a new 18 bed extension after a £2m investment supported by Barclays that will create 20 new jobs. Lakeside Care Home, has created two new communal lounge areas and dining rooms with terraces, and 18 en-suite rooms.
Phil Cliffe, owner of Lakeside Care Home, said: “The new extension is a major investment, during a difficult time for the care sector. We know there is a need for this type of accommodation here in Cardiff and the family is so proud to see our original concept growing and evolving into the business it is today.
“We now have 69 beds available and will create an additional 20 local jobs over the next 12 months. We have made this significant investment to support the care home sector.
The pandemic has demonstrated just how important quality care, great staff and a resilient business model are to operating a successful care home. With the changes in the UK’s care strategy, the private sector must embrace these challenges, investing and improving the standards of care.”
Debbie Williams, Barclays business relationship manager, said: “By really understanding the care sector, Barclays has been able to provide debt finance to support the business. The management team have a real passion for quality care and service delivery and their hands on approach will ensure the highest standards of care and securing long term employment for the local staff.”
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