A major South East care home developer and operator has received funding from Clydesdale Bank to refinance a flagship home.
TLC Care, which owns seven large-scale luxury care homes across the region, has refinanced Karuna Manor, its 60-bed purpose-built care home in Harrow.
The home is dedicated to serving vegetarian residents, and combines a focus on quality of life with spirituality.
The Bank’s lending has allowed the business to free up extra working capital, which it plans to invest into new projects to grow its portfolio.
The Harrow home employs 80 staff and offers residential, nursing and dementia care. It features a multi-faith temple and a kitchen serving a range of vegetarian delicacies.
It also provides high-spec extras including a cinema room and boutique shops on-site, as well as 24/7 support from its nursing team.
Gagan Puri, TLC Group’s finance director, said of the deal: “Working with Clydesdale Bank on the transaction was seamless and it was invaluable for us to have the Health & Social Care team on hand to assist throughout the process.
“The Bank’s expertise in the sector made them a natural fit as a new banking partner for us and we look forward to working with them on future projects.”
He added: “We are aiming to grow our portfolio, including expanding into other types of developments like co-working spaces, and refinancing was a key first step on this journey.”
Craig Ambler, the director of health & social care at Clydesdale Bank, said: “It has been our pleasure to assist the management team at TLC Group, who’ve managed to grow the business exceptionally over the last 12 years.
“Our Bank is committed to supporting SMEs in the Health and Social Care sector, which provide crucially important services to vulnerable elderly people across the UK.”
TLC Care now operates 473 beds across 7 purpose-built care homes in London, Hertfordshire, Surrey and Cambridge.