Lorimer Care Homes secures £12m funding to acquire Gate Healthcare

Lorimer Care Homes Ltd has worked with Christie Finance to secure a £12 million funding package from Barclays Bank.

The funding will help the operator acquire Gate Healthcare Ltd, which owns three homes in Kilmarnock, Kilbrid and Invergordon.

The acquisition will add 135 registered beds to the expanding Scottish group.

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The funding provided by Barclays Bank sees Lorimer’s existing RBS arrangements refinanced, with the new debt package consisting of term debt, working capital and development facilities.

Colin Rhodes, director of Lorimer Care Homes, which already own Glenfairn House and Carrick House Care Homes in Ayr alongside Bridge View Care Home in Dundee, views the addition of Gate Healthcare as an ‘ideal’ fit.

Mr Rhodes praised the work of Christies Finance director Craig Dickson in securing the funding package. “Craig has provided excellent and informative advice in our fundraising over the past few years. His no nonsense approach coupled with an intimate knowledge of the banks requirement have paid dividends for our company.”

Mr Dickson added: “With access to the ‘whole of market’ Christie Finance has dealt with over 20 different lenders over the past 12 months. We are delighted with the support of Barclays Bank on this particular transaction, who have put together a truly competitive facility, meeting the needs of our client and allowing the group to expand to meet their long term objectives.”

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