St Philip’s Care Group has secured a £27 million refinancing package from Yorkshire Bank that will be used to update and expand its existing portfolio of 30 care homes.
Redevelopment is seen as crucial to care homes needing to increase average weekly fees, often by attracting higher paying private residents rather than spot contracts from local authorities.
St Philip’s Care Group plans a programme of continually modernising, refurbishing and adding new features to its homes.
It currently has full planning permission across 25 of its properties to add capacity of another 150 beds via a major refurbishment drive.
St Philip’s anticipates adding around 20-25 beds per annum to homes across the portfolio and expects to recruit approximately 60 new staff each year to service the increased capacity.
Headquartered in Wolverhampton, the business operates homes across both the East and West Midlands and North and South Yorkshire and also has 11 in Scotland in locations such as Perthshire, Midlothian and the Borders.
The new £27 million package from Yorkshire Bank will provide funding to refinance existing debt and was facilitated by Jamie Stuart from the Bank’s Specialist and Acquisition Finance team in Birmingham.
Gary Hartland, owner and CEO of St Philip’s Care Group, said: “We have a mature portfolio of homes and we are committed to enhancing the already high standards we offer our residents by refurbishing and extending a large number of our properties.
“Our new arrangements with Yorkshire Bank give the business a platform for a long-term banking relationship which will help us to further develop the Group in line with our ambitions.”
Derek Breingan, head of healthcare at Yorkshire Bank, said: “St Philip’s Care has a strong reputation across the regions it serves for the quality of its care provision and for its commitment to continually enhancing its homes and services to residents.
“We look forward to supporting Gary and his team as they move into the latest phase of their growth programme.”