LNT Group, which owns Ideal Care Homes, has completed a £100 million refinancing.
Four banks were involved in the deal, two of which were Santander and Yorkshire Bank.
LNT Group chief executive Lawrence Tomlinson refused to name the other two banks involved, however, due to his frustration with their approach.
Tomlinson said the refinancing will allow the business to grow but that “it will probably be at a slower pace” than he would have liked.
“The whole process has taken between two and three years. The amount of paperwork has been phenomenal and it has been very complicated. What we want to do is get on with the running of our business rather than having to spend time raising debt to grow,” he said.
The chief executive believes that local bankers have had their hands tied because of “totally inflexible lending policies” and finance decisions were passed on to executives in London who weren’t looking at bids on a case by case basis.
Tomlinson called for “better access” to finance to create growth.
Deloitte acted as financial advisors to LNT Group and Freeth Cartwright provided legal advice to the company.