OakNorth Bank has provided a £2.3m loan to Moorlands Healthcare Limited for the acquisition of a specialist care home in Staffordshire.
The funding will be used to acquire and expand Harewood Park Care Home in Cheadle. The expansion will entail adding three more rooms to bring the home up to 37 beds.
The acquisition is the first for Moorlands, which is part of the My Choice Healthcare Group. Moorlands is aiming to acquire further care home in the counties adjoining Staffordshire and other locations across the Midlands and South Wales this year.
Craig Sheppard, Founder and Chairman of Moorlands Healthcare Limited and My Choice Healthcare Limited, said: “With the West Midland’s supply of care home beds lower than any other region in the UK, it is in desperate need of more care facilities. It is with this in mind that we are implementing a buy and build strategy to provide a larger number of patients with the necessary activities and amenities to fit their rehabilitation and care needs. It was clear from working with the team at OakNorth that this is a sector they understand and that they have done numerous transactions in before.”
Adam Brinn, Director of Debt Finance at OakNorth Bank, (pictured) said: “As we look to expand our lending efforts in the West Midlands and Birmingham where we now have an office, we’re excited to partner with Moorlands Healthcare Limited and My Choice Healthcare Limited team on this acquisition. The incoming management team for Harewood Park Care Home have more than 30 years of experience working in the industry and running care homes. They are therefore well-equipped to ensure this highly-performing care home continues to receive the support and leadership it needs to meet ongoing demand. As the team lays out plans for further acquisitions this year, we look forward to working with them on additional deals in the months to come.”