Balhousie Group refinances
Scottish provider Balhousie Care Group has negotiated a £49m refinancing deal with two banks. Coutts are lending on most of Balhousie’s elderly care portfolio while Triodos, an ethical
bank, is supporting its specialist care division.
Chairman Tony Banks, who founded Balhousie 25 years ago, said the last few years had been very challenging for the group.
“Like many other organisations in the care sector, we’ve been under enormous financial pressure,” said Mr Banks.
“Of course, we wholeheartedly support the improved pay and conditions for our people and the increases in minimum and living wage. As yet, however, there has not been a commensurate increase in public funded support and that has made it tough across the board.
“But, there must be something in the water in this region that gives us a granite resolution in the face of challenge. The refinance deal provides us with much greater financial stability and gives us the opportunity to really look at our business and invest in key areas of development and improvement including environments and people.
“Our focus is on the care we deliver and our people – those in our care and the staff we employ across our 25 care homes. This was our ethos 25 years ago and it remains the same to this day. Now we are reinvigorated, with expansion plans and renewed ambitions to scale new heights in the care we provide.”
Mike Reid, Balhousie’s finance director, said the refinance provided a platform for the group to buy-back some its leased homes as well as improve the quality of its existing homes.
“We are working with new banking partners who have taken time to understand our business, our people and our strategy,” said Mr Reid.
The refinance of the Group’s borrowings and planned acquisitions totalling £49m, was advised by Hampshire based Premier Commercial Finance Ltd, specialists in the corporate healthcare sector for 27 years.