- Storal is one of the highest-quality nursery operators in the UK, currently operating 26 nurseries and two out-of-school clubs;
- The investment will enable it to enhance Storal’s education provision further and expand its footprint across the UK regions;
OakNorth, the neobank for entrepreneurs, by entrepreneurs, has partnered with Graphite Capital, a leading UK mid-market private equity firm, to provide capital to Storal, one of the largest privately-owned children’s nursery groups in England.
Founded in 2016 by two childhood friends, Varun Chanrai and Ashwin Grover, Storal today operates 26 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: ‘At the heart of Storal’s culture is the belief that every child has a different story to tell, so each of our nurseries offer children a journey of learning and discovery, where curiosity and creativity meet, and childhood is cherished. We are delighted to have secured this funding which will allow us to accelerate our growth, and continue providing high-quality education in the early-years sector at a time when there is increasing recognition of the educational and social benefits of early-years learning.”
Stuart Blair, Debt Finance Director at OakNorth, continued: “The nursery sector is expected to grow by 10.7% per annum between 2023-2027, and the Budget announcement earlier this year for extended free childcare support is only expected to increase demand further. With Sarah at the helm and backing from an excellent sponsor in Graphite, Storal is in a prime position to take advantage of this. Sarah has a wealth of industry experience and has been influential in the sector by shaping the relationship between early-years education providers and their external stakeholders. We’re delighted that Graphite and the Storal team chose OakNorth as their trusted funding partner and that we were able to work together to get the deal completed.”
ENDS
Notes to editors
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 £10b, directly helping with the creation of 40,000 new jobs and 29,000 new homes across the UK.
- Raised deposits from c.175,000 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.
Visit www.oaknorth.co.uk for more information.
Media contact
Valentina Kristensen, Director, Growth & Communications – [email protected] / [email protected] / 0757 234 9009