Churchlake Care is to acquire three care homes, via a a £4m loan facilitated by ThinCats, the alternative lender to mid-sized UK SMEs.
Churchlake Care operates residential and nursing homes across the UK and is working towards a five-year goal to acquire a portfolio of care homes providing 3000 beds. They acquire homes to build into regional clusters.
The three care homes Holmwood Residential Care Home, Hames Hall and Chichester Hall are all in Cumbria and are part of their North West England cluster.
Alan Jebson, CEO of Churchlake Care, said: “We were searching for a lender that we could work with long-term; we have targeted plans to increase our care home provision over the next few years, and continue to deliver quality care to all our residents.
“ThinCats moved quickly to understand our business and offered a good funding structure with flexibility. We were very impressed with their in-house team and resources, and the speed in which they managed to turn around our funding application.
Jebson added that the company had no confirmed Covid-19 cases among its residents.
“The Churchlake Care board are indebted to the efforts of managers, nurses, carers and ancillary teams across the group throughout COVID-19. Their diligence and hard work, in addition to following rigorous infection control measures, have kept residents safe from COVID-19. There are no confirmed cases across the group since the outbreak began,” he said.
Law firm Wright Hassall provided legal support for the deal.
Date published: May 5, 2020