Wednesday, December 2, 2020

Care home operator secures funding to acquire property

Following funding support provided over the summer by alternative lender to mid-sized businesses, ThinCats, Devonshire Care Ltd returned to seek funding for the acquisition of a sixth care home to add to its portfolio.

The care home operator, with a group of care homes across the North of England, is pursuing a growth plan to acquire older style homes in period properties offering the potential for investment in the day-to-day running as well as further extension or redevelopment.

The latest funding package supports the acquisition of Abbey Village care home in Brigg, North Lincolnshire, the refinance of an existing home, Bank Close House in Chesterfield and extensions to both homes, adding 7 bedrooms at Abbey Village and 16 bedrooms at Bank Close House.

Bank Close House

Peter Hill, Director, Devonshire Care Ltd: “This funding has enabled us to pursue our aims of building up our portfolio with homes that have huge potential to offer quality residential care in beautiful surroundings. The team at ThinCats have proven their dedication to supporting the healthcare sector, and we look forward to putting the funding to good use.”

Richard Henshaw, Director, National Development Healthcare, ThinCats: “It is gratifying to be able to provide further funding to Peter and Devonshire Care. We are very happy to have been able to continue to back their experienced and ambitious management team, and to demonstrate our commitment to further supporting existing customers, and the healthcare sector.”

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