Not for profit care home operator, Greensleeves Homes Trust, has launched a second bond issue to fund its growth plans.
The charity, which previously raised £50m through bonds issued by Retail Charity Bonds in 2017, said the second issue would be used to support care quality and its growth plans through a combination of the acquisition of currently operating homes and the development of new homes and its existing portfolio.
Paul Newman, Chief Executive of Greensleeves Homes Trust, said: “Reflecting the critical role that our homes can play in supporting elderly residents and their families and the substantial demand-supply imbalance characterising the UK care home sector, we have significant ambitions to scale our offering and remain committed to expanding and modernising the care and support we offer.
“As a result of the emergence of COVID-19, in common with most other adult social care providers within the care homes sector in the UK, various aspects of the charity’s business have been affected. Despite this, the portfolio has performed well during the year, and has thus far demonstrated clear resilience and we look to the future with confidence.”
Allia C&C is acting as lead manager on the bond issue. The bonds have a minimum initial subscription amount of £500 and are available in multiples of £100 thereafter.
The offer period is expected to close at 12 noon on 11 December 2020. RCB retains the right to close the offer early, in conjunction with the lead manager.