RBS funds Festival’s buy-out

Posted on June 1st, by editor in Caring Times. No Comments

Festival Care Homes Ltd, a Southeast care home developer and operator, has announced the buy out of its venture capital partners with refinancing provided by The Royal Bank of Scotland (RBS). Festival runs care homes throughout the Southeast and is due to expand its operations with the opening of further care home developments this year. These include a 90-bed facility in Potters Bar and a 62-bed development in Tilbury. Included in the purpose built portfolio are the Applecroft in Dover and the Barleycroft in Essex. The 75-bed Applecroft was purchased by Festival in January 2004 from Southern Cross and has recently seen significant improvements in occupancy. The 80-bed Barleycroft, situated in Romford, opened in January 2005 and was built by Festival. Festival chairman Vidya Sharma said the 100 per cent ownership of assets had been a strategic move for the development and growth of the group. “We are delighted RBS was able to provide us with a solid refinancing package,” said mr Sharma. “The bank has co

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