- Storal is one of the highest-quality nursery operators in the UK, currently operating 30 nurseries and two out-of-school clubs;
- The investment will part fund the acquisition of Children 1st Day Nurseries which has a portfolio of 23 nurseries across the Midlands and South Yorkshire.
OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has extended further debt facilities to Storal, one of the largest privately-owned children’s nursery groups in England, alongside equity from Graphite Capital, the lead sponsor, to support Storal’s acquisition of Children 1st Day Nurseries, a well-respected nursery group with 23 nurseries across the Midlands and South Yorkshire.
Founded in 2016 by two childhood friends, Varun Chanrai and Ashwin Grover, Storal today operates 30 nurseries and two out-of-school clubs, providing early-years education for over 2,000 children. It has built a nationwide presence through successfully launching and acquiring single-site and small group settings and integrating them into its platform. The group has developed a proprietary curriculum that is rolled out across its nurseries and is designed to support and extend children’s understanding, skills, and self-confidence, and foster a love of learning. It is one of the highest-quality nursery operators in the UK and was ranked fourth in Nursery World’s Ofsted 2023 Quality table.
Sarah Mackenzie, CEO of Storal, commented: ‘“I’ve been following Children 1st from afar for many years, and throughout my career, I’ve considered it to be one of the great pioneers of high-quality early years education in the sector. I have enormous admiration for everything Margaret has built and believe she has created an everlasting legacy – both at Children 1st and in the wider sector. With the addition of Children 1st, we will be able to offer over 5,000 childcare places across our nurseries. While we continue to grow, our core focus remains unchanged – supporting our team members and delivering care that is authentic to the individual communities, families, and children we serve. As we begin this exciting new journey together with Children 1st, our mutual commitment to quality, care, and community will remain at the heart of everything we do, ensuring every child has the best possible start in life. We’re grateful to the team at OakNorth for once again supporting us – they continue to be a reliable and trusted funding partner.”
Stuart Blair, Debt Finance Director at OakNorth, continued: “Since its founding in 1988 by Margaret Mason, Children 1st has grown into a renowned nursery group and training centre. Margaret has been a true leader in the sector for over three decades with an outstanding dedication to raising the standards of early years education. Its values and approach are clearly aligned with that of Storal, and this transformative acquisition creates a top 10 nursery group which we are incredibly proud to be supporting. Sarah has built Storal into one of the UK’s highest-quality nursery operators, so we were delighted that Graphite, and the management team once again chose to work with us.”
ENDS
Notes to editors
About OakNorth
Launched in September 2015, OakNorth is the digital bank for entrepreneurs, by entrepreneurs, empowering the lower mid-market (businesses with £1m-£100m turnover) to support growth, prosperity, and innovation for the benefit of all.
Since its launch, the bank has:
- Lent over £12bn to these businesses, directly helping with the creation of 47,000 new jobs and 29,000 new homes across the UK;
- Provide deposit services to over c.285,000 savers.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
Media contact
Valentina Kristensen, Corporate Affairs Director – [email protected] / [email protected] / 0757 234 9009