OakNorth Bank provides £2.3m loan to Moorlands Healthcare Limited
OakNorth Bank – the UK bank powered by OakNorth – has lent £2.3m to Moorlands Healthcare Limited, a residential care home operator that’s part of the newly-incorporated My Choice Healthcare Group.
The finance will be used for the acquisition of Harewood Park Care Home, located on the edge of Cheadle town centre in Staffordshire. The home offers residential and nursing care for young adults between 18 and 65 years suffering from mental illness, learning disabilities and brain injuries.
To meet the care home’s high demand (average occupancy rates have exceeded 90 percent for the last three years), Moorlands Healthcare Limited will refurbish and operationalise three additional rooms at Harewood Park, increasing its capacity to 37 rooms. The new Managing Director for the care home, Bethan Evans, has 25 years’ experience in health and social care and over 14 years at Board level.
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, 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.”