- Founded in 2012 by Daniel Gerrard, UK Addiction Treatment Centres (UKAT) is a leading addiction treatment provider in the UK, with eight clinics offering over 200 beds;
- The firm was acquired by UK-based private equity firm specialising in mid-market control buyouts, Sullivan Street Partners, in September 2024 to help expand its service offerings;
- The loan from OakNorth will be used to acquire Bournemouth-based 44 bed, private, residential rehab centre, Providence Projects;
- The number of adults in contact with drug and alcohol treatment services has increased significantly over recent years, heightening the need for more treatment centres[1].
London, 21 July, 2025: OakNorth, the leading digital bank for entrepreneurs, by entrepreneurs, has provided financing to leading addiction treatment provider, UKAT.
Founded in 2012 by Daniel Gerrard, UKAT provides holistic, evidence-based care for alcoholism, drug, behavioural addictions, anxiety, anger management, and mental health disorders. With eight clinics across the UK, offering over 200 beds, the firm was acquired by UK-based, private equity firm specialising in mid-market control buyouts, Sullivan Street Partner, in September 2024, to help expand its facilities and service offerings.
The financing from OakNorth will support the acquisition of Bournemouth-based private, residential rehab centre, Providence Projects. Founded in 1996 and led by Paul Spanjar, The Providence Projects has supported over 10,000 people through recovery and is widely recognised for its compassionate, community-based approach to care. The 44-bed facility delivers high-quality residential treatment in a therapeutic, recovery-oriented environment that promotes sustained rehabilitation and reintegration. Strategically, Providence extends UKAT’s service offering into secondary care, strengthens its presence on the South Coast, and introduces a proven, scalable model for delivering improved outcomes through more affordable, community-based treatment. The funding follows OakNorth’s initial loan provided in September 2024 that supported the acquisition by Sullivan Street Partners.
Oliver Marshall, Partner at Sullivan Street Partners, commented: “The acquisition of Providence marks a significant milestone in our long-term strategy for the group, broadening our footprint, deepening the care offering, and improving patient outcomes. OakNorth has been a long-term institutional partner to Sullivan Street, supporting our original acquisition of UKAT and now enabling this next phase of growth. The team’s pragmatism and speed, combined with a shared long-term vision for UKAT, has been instrumental in making this strategic expansion possible.”
Stewart Haworth, Senior Director of Debt Finance at OakNorth, added: “With an increasing number of UK adults in contact with drug and alcohol treatment services, addiction support is a critical part of the UK’s health infrastructure. UKAT is providing a vital service to its communities, delivering highly impactful, person-centred support at scale. The acquisition of Providence Project will strengthen UKAT’s reach and capacity in a sector where demand continues to rise. We’re proud to support Sullivan Street and the UKAT team as they take this important step forward.”
ENDS
Notes to editors
About OakNorth
Launched in September 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering the lower mid-market (businesses with £1m-£100m in turnover), that are seeking to scale but are routinely underserved or overlooked by traditional banks.
To date, it has provided $17bn to these businesses across a wide range of sectors, achieving performance metrics that place it amongst the top 1% of commercial banks globally. Its loans have directly contributed to the creation of 56,000 jobs, and over 34,000 new homes across the UK and the US – the majority of which are affordable and social housing.
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.
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[1] UK Gov – Adult substance misuse treatment statistics 2023 to 2024: report