Colten Care plans further growth after bank deal
A family owned care home company is set for further expansion after agreeing a £26m financing package with its new banker.
Colten Care, which owns and operates 20 homes across the South of England, says it is planning to open a new home every couple of years following the deal with NatWest.
Work is already well-advanced on its 21st home, costing in excess of £10m, in Poole, Dorset, while a £1.5m ‘top to toe’ refurbishment has just been completed at its Canford Chase home in Branksome Park, also in Poole.
Colten Care chief executive Mark Aitchison said the new finance would allow the company to continue with its growth strategy of building new homes, while at the same time maintaining its current homes.
“Colten Care is different from many other companies in our sector,” said Mr Aitchison.
“We are a family owned company with no external shareholders to satisfy and we own the freeholds of all the homes we operate.
“We operate with very conservative levels of bank debt which is all long term, reflecting our responsibilities and commitment to the elderly care sector. We will not do anything which has the potential to put our residents and the care they receive at risk; they are at the heart of everything we do.
“We’re very pleased to have NatWest on board and look forward to a long and fruitful relationship.”
The refurbishment at Canford Chase involved all 54 bedrooms and ensuites plus lounges, bathrooms, hair dressing salon, dining rooms, corridors and all the outdoor spaces. It was carried out by Colten Care’s sister company, Colten Developments, over an 18 month period and was done in phases to enable the nursing and residential home to remain open throughout.