South West education and care specialist secures growth funding
Phoenix Learning and Care Group has agreed a £4.5m refinance facility with the Royal Bank of Scotland to support the future growth of the business as it looks to develop new sites across the region.
Established in 2006 and headquartered in Barnstaple, Devon, Phoenix Learning and Care Group is a provider of social and educational needs facilities including primary and secondary schools, further education colleges and related care homes for children and young adults.
A funding package has been structured by the corporate transactions team at the Royal Bank of Scotland which includes refinancing an existing loan, working capital and growth capital finance, which will support Phoenix’s future growth strategy to expand their footprint of schools, colleges and care facilities across the South West.
Following a Management Buyout in 2012 by investment firm Ashridge Capital, the management team of Jonathan Pain, chief executive, François Delbaere, chief financial officer and Keith Burley, founder and strategic director, has grown the business with the support of chairman Michael Buckingham, Ashridge Capital and its chief executive, David Sherratt.
Phoenix currently operates two schools for day and residential students with a total of 18 places, two further education colleges for day and residential students aged 16-25 with a total of 60 places, 15 care homes with a total of 38 places and eight continuing care homes for adults with learning disabilities.
Stefan Gunn, director, corporate transactions team at the Royal Bank of Scotland said Phoenix Learning and Care Group had a well-rounded and experienced management team who, with the support of Ashridge Capital, had enjoyed robust growth and established a strong market position locally.
“They offer an exceptional level of education and care for individuals who can’t currently be catered for in mainstream education,” said Mr Gunn.
“We are delighted to support the next stage of the company’s growth, as the team looks to open new sites and roll out enhanced facilities at their existing sites.”