OakNorth Bank completes £20m transaction with LV Care Group
OakNorth Bank has completed a debt finance deal of £20m with LV Care Group, the leading care home provider in Jersey.
Founded in 2011 by Nick Bettany and Chris Shelton, LV Care Group was established to develop care homes for elderly clientele in the community including home care, dementia care, mental health and wellbeing care, as well as nursing and residential accommodation.
The group, which now employees 300 staff, will use the bespoke finance package from OakNorth Bank to acquire two new care homes – the Jeanne Jugan Residence in Jersey and Kings Reach Nursing Home in the Isle of Man. Additionally, they will also refinance its three existing care homes in Jersey – Lavender Villa, Cheval Roc and Rosemary Cottage.
The well renowned Jeanne Jugan Residence, now known as St Joseph’s Care Home, was officially acquired by LV care Group on 20th December 2019 from the order of the Little Sisters of the Poor. The property offers 72 beds and various amenities including a library, cafe and a theatre. Located in an established residential area of Ramsey, the Kings Reach Care Home site offers 52 en-suite rooms across two stories.
The three existing homes in Jersey provide a variety of premium facilities and amenities such as, en-suite rooms, therapy rooms, hair salons, landscaped gardens, TV lounges, library corners, dining rooms and sun patios.
Nick Bettany, CEO & Co-founder of LV Care Group, commented: “Jersey and the Isle of Man have an ageing population, with those aged 65 and over set to almost double in the next 20 years. A substantial minority of this age group will need some form of residential care which can only be provided in a care home or hospital, emphasising the importance of our offering, which benefits heavily from our local knowledge. After looking at different funding options, we chose OakNorth Bank as Stuart and his team showed a high level of understanding towards the local care home industry, as well as a willingness to design a package that was tailored to our specific needs.”
Stuart Blair, Debt Finance Director at OakNorth Bank, said: “Nick and Chris have built an impressive business with a stellar reputation and we’re thrilled that our first deal with an operational business in Jersey is with them. They bring a premium approach to care just as we aim to do with lending, with both parties understanding that there’s no such thing as a one size fits all approach. With a significant amount of the elderly community in both islands sitting on a nursing home waiting list, the group is in a very strong position to provide for them and grow its success further. We look forward to working with LV Care Group on future transactions, as we look to reinforce our own appetite to support the UK care sector throughout 2020.”