A £420,000 refinance loan from Unity Trust Bank is to fund the refurbishment of a care home for children with complex social and emotional needs.
Residential care group, Josh’s Place, is using the funding to refurbish The Oaks in Stockton, which it recently published, as well as to support the acquisition of a fourth home.
Managing director Zak Mcllhargey said: “We would like to continue developing our services in Teesside as there is a need for good quality care providers like ours where the accommodation and the quality of our management and staffing structure is quite exceptional and sector leading.
“We have made a significant investment in each of the properties we’ve bought to ensure they are of the highest standard. We have a very generous staffing complement in each of our residential houses and the new service at The Oaks will create 15 new employment opportunities in the local area.
“We chose to refinance with Unity because they understand businesses like ours. Their ethos fits in with what we’re about – excellent social care establishments, outstanding care and support for the children and young people, creating jobs and improving communities.”
Michael Wicks, Relationship Manager at Unity Trust Bank, added: “We align our operations and practices to the United Nation’s Sustainable Development Goals and our lending and activity helps drive positive impact in many areas, including the provision of quality education and building sustainable cities and communities. We’re delighted to support Josh’s Place and the valuable work they do in Teesside.”
Zak and his fellow directors Paul Middleton and Mark Dalzell were introduced to Unity by broker John Carling of Solutions Northern.
John said: “We have worked on a similar project with Mike Wicks in Sheffield and witnessed the excellent support given to a similar business. We didn’t think twice about approaching Mike again with the backstory.
“My thanks also go to Mike Firmin of Firmin Financial who has assisted us with many cases and helped us produce the forecasting and analysis to show the current journey. I am looking forward to reviewing the next steps and supporting the business with its growth plans working alongside Unity on this path.”