- The Care Concern Group
consists of 44 care homes with 2,472 registered beds predominantly located in
Scotland and a further 13 in development;
- Care Concern Group’s CEO,
Manpreet Johal has 12 years multi-site management experience and led the expansion
of Care Concern from four sites to where it is today through organic growth;
- Annual spending on residential care for older people has
risen dramatically from £9.3 billion in 1995 to £15.9 billion in 2017, with
Scotland remaining one of the hotspots for care home investments in the entire
UK.
OakNorth Bank – the UK bank powered
by
OakNorth – has provided a £19.5m loan to Care Concern
Group, one of the UK’s most highly-regarded care home operators.
Founded in 1991
by Balbir Johal, Care Concern is a family-run business with numerous sites
across Scotland and a focus on general nursing and dementia care. Balbir’s son,
Manpreet Johal, took over the business in 2004, helping to lead its expansion
from four sites at the time to the 44 sites it has today and a further 13 in
development. The Group will use the finance to refinance its existing debt
package to facilitate a sale and leaseback with Alpha Real Capital.
Manpreet Johal, CEO of
Care Concern Group, said: “The UK population is
ageing rapidly, with the number of people over the age of 85 years old forecasted
to more than double in the next 20 years. A substantial minority of this age
group will need some form of residential care which can only be provided in a
care home or hospital. It is with this in mind that our focus is firmly on
raising the standards within the care sector, offering a range of unique
services designed to enhance the at-home experience, such as: spas, gyms, wellness rooms, and a library, as well as
facilities specifically for those with dementia such as reminiscence rooms and
specialist gardens.”
Deepesh Thakrar, Senior Director of Debt
Finance at OakNorth, said: “Annual spending on residential care
for older people has risen dramatically from £9.3 billion in 1995 to £15.9
billion in 2017, with Scotland remaining one of the hotspots for care home
investments in the entire UK. With an average occupancy rate of 90 percent,
Care Concern Group continues to be a well-regarded and popular care home
operator. We expect the group’s portfolio to continue to grow and look forward
to working with them on future projects.”