- The borrower is a subsidiary of the My Choice Healthcare Group, which also includes existing OakNorth customer, Moorlands Healthcare;
- The Group’s management team has a combined 30+ years of experience working in the health and social care industry and running care homes;
- The capital from OakNorth Bank will be used to refinance existing debt and support the acquisition of two family-run care homes in Swansea, supporting older people including those living with dementia;
- The population of those aged 75 and over in Wales is expected to rise by c.54% by 2035, increasing the need for more care facilities in the country[1].
OakNorth Bank, the UK bank for entrepreneurs, by entrepreneurs, has provided a £4.2M business loan to My Choice Healthcare Four Limited to refinance existing debt and support the acquisition of two family-run care homes in Swansea. The business is a subsidiary of the My Choice Healthcare Group, which includes existing OakNorth customer, Moorlands Healthcare Limited.
The two care homes which are being acquired include the 22-bedroom (registered for 24) Hawthorn Court, situated 1.5 miles from Swansea city centre, and its sister home, the 14-bedroom Ocean Living, located on Mumbles road, which offers spectacular views over Swansea Bay. Both homes offer residential and nursing care for those aged 65 and over, supporting older people including those living with dementia.
Established in 1991, Hawthorn Court’s facilities include private gardens, a newly renovated conservatory and lounge area, as well as weekly activity programmes. Meanwhile, Ocean Living has been developed and designed specifically for luxury senior care living, offering residents generous room sizes.
Craig Sheppard, Founder and Chairman of My Choice Healthcare Group, 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, so had the confidence they could deliver and would stick to their word. Once again, they were incredibly helpful, attentive, and transparent in their approach, in addition to having in-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.”
ENDS
Notes to editors
[1] The Housing Learning & Improvement Network – Assessment of the demand for specialist housing and accommodation for older people in Wales
About OakNorth Bank plc
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.
Since its launch, the bank has:
- Lent over £7.5B, directly helping with the creation of 34,000 new jobs and 25,000 new homes across the UK.
- Raised deposits from c.160,000 savers.
- Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Contact
Tom Pavey-Smith, Associate Director, Growth & Communications – [email protected] / [email protected] / 0791 716 5588