Scottish care home operator Renaissance Care has secured an additional £600,000 in funding from Barclays to accelerate its long-term growth plans and finance further improvements to its portfolio of 14 homes.
The deal follows on from the provision of a £4.5m funding package in 2017 to support the development of the company’s existing care homes and planned acquisitions to extend its portfolio.
Renaissance Care said the investment will speed up its capital expenditure programme to improve its homes, expand capacity and provide the best quality of life to over 600 elderly residents in it care.
Renaissance Care is owned by the Renaissance senior management team and Dow Investments, whose CEO Robert Kilgour (pictured) was the original founder of Four Seasons Health Care, currently the second largest care home operator in the UK.
Kilgour commented: “We have invested heavily in improving our care homes and expanding our portfolio over the past two years. Barclays has always shared our vision for growth and the opportunity arose to access further capital to speed up our investment programme.
“The care sector has unique challenges and we need a banking partner like Barclays which understands the complexities of social care. Our priority is to provide the best possible care and facilities for our vulnerable elderly residents and our hardworking staff, and this funding improves our ability to do so.”
In less than a decade, Renaissance Care has expanded from 80 employees and a turnover of £2.4m to over 1,000 staff and a projected turnover of £27m this year.
Jamie Grant, head of Region Scotland & Northern Ireland, at Barclays, said: “Our specialist Healthcare team has supported the social care industry for more than two decades and we understand the importance of continual investment in improving care facilities. We have worked with Renaissance Care for several years to assist its growth plans which are underpinned by solid business planning and led by an experience management team.
“We are actively lending to the healthcare sector in Scotland and our team can provide specialist expertise at a time where access to social care is becoming increasingly vital to our aging population.”