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 … Read More »
Work has begun on a £1.6m supported living development in Colne, Lancashire.
Due for completion in Spring 2018, the three storey scheme will provide 11 apartments alongside communal areas and landscaped gardens specially designed for adults with a range of support needs.
New residents will receive a tenancy agreement and there is no limit to how long people can live there.
The development, a three-way partnership project between Making Space, a national charity and leading provider of health and social care services, specialist accommodation developer Homelife and health and social care landlord Inclusion Housing, is intended to enable adults with a range of support needs to live as independently as possible, with support from an on-site care team.
Castleoak, Mike Parsons and Dutch operator in new venture to create Martha Flora UK
Established European specialist dementia care operator Martha Flora has joined forces with care sector development specialists Castleoak and operating partner Mike Parsons to create Martha Flora UK.
Amsterdam-based Martha Flora operates specialist boutique dementia care homes across the Netherlands with 13 homes currently open or under construction.
As part of the joint venture Castleoak will provide specialist land finding and acquisition services, will manage the planning process, and design and build the high quality specialist care homes. Care sector entrepreneur Mike Parsons and his team will commission and operate the new facilities and Martha Flora will provide the brand, intellectual property and operational support.
A new company Martha Flora UK Ltd has been established and will be jointly owned by the three parties, with development and construction partner Castleoak taking … Read More »
Work has begun on the construction of a 77- bed care home in Banstead, Surrey which will leased by care provider, Hallmark Care Homes.
The new home, which will provide residential and dementia care is being built at a cost of £8m across a one acre site by contractor Lawrence Baker and will be the care group’s first lease deal.
When opened the home will provide a spacious, luxurious and sociable environment where family members are encouraged to spend time in the home with their loved ones, participating in activities.
Facilities will include; a cinema, hairdressing salon, therapy room and café. Each bedroom will have an en-suite bathroom and most of those on the ground floor will have access to their own patio.
Other communal areas will include an interactive kitchen where residents can assist in the preparation of meals and gardens designed by … Read More »
Albion Care Communities (ACC), a rapidly growing investor and developer of quality care homes for elderly people, has begun two further developments in Abergavenny and Hereford.
The two facilities are due to open in early 2019, each providing facilities to 70 residents including a café, gym, cinema room, hairdressing salon, dedicated activity spaces and extensive landscaped gardens.
The en-suite bedrooms will be furnished to the highest standard of comfort with input from specialist interior designers. Care services will include residential, nursing and dementia care.
In August, ACC opened its first development, Pine Martin Grange, a 64-bed purpose built care home in Wareham, Dorset. The company is rapidly becoming a major regional investor and developer with 271 beds currently in operation or development.
Albion chairman Mike Parsons said that to date, the company had raised about £50m in debt and equity funding, with access to … Read More »
Advinia Health Care is has purchased 22 nursing and residential homes from BUPA totalling 2714 beds, expanding its portfolio from 16 to 38 homes with 3250 beds, putting Advinia into the top 15 care providers in the UK.
Privately owned, Advinia was founded by Dr Sanjeev Kanoria and his wife Sangita in 1999. Dr Kanoria is the chairman of the group, is an ex-Mckinsey consultant and liver transplant surgeon in London. He is also the owner and deputy chairman of a commercial bank in Austria.
The group is part of the Kanoria Foundation which owns Srei Infrastructure Finance Ltd, the largest infrastructure finance company in India.
“It is satisfying to be able to invest confidently in the market where it has been clearly identified that there will be a lack of quality bed provision over the next five years,” said Dr Kanoria.
“We have … Read More »
A 140-apartment retirement village has opened its doors to residents in Stoke-on-Trent.
The £21.6m Maple West development in Chell is the third to be completed in a £60m project to deliver 390 extracare apartments across three sites in Stoke-on-Trent, the biggest scheme of its kind in the city. The other two facilities are Willow Barns in Blurton and Oak Priory in Abbey Hulton.
The three retirement villages have been developed by Sapphire Extra Care Ltd, a partnership between Your Housing Group, Eric Wright Group and Kajima Partnership Ltd. Maple West has been built by Seddon Construction Ltd. The apartments will be managed by the consortium on behalf of the city council.
A key requirement of the project was that local companies were used as much as possible in the construction phase. This commitment resulted in the creation of 95 jobs from when the … Read More »
Major care home operator Four Seasons Health Care has published a proposed financial and property restructuring package.
The key elements of the proposal, planned for implementation in November, are that:
Major stakeholder Terra Firma will inject equity value by way of 24 homes outside of FSHC that they valued at £136m in December 2016. These homes would contribute an estimated EBITDA increase of £18.9m and a cash flow increase of £17.1m.
Proposed refinancing of the debt with existing Senior Secured Notes (SSNs) of £350m being exchanged for £350m of new SSNs which would come with an extensive guarantee and first ranking security package granted by the restructured group. Under the proposal, the existing Senior Notes (SNs) of £175m will be exchanged for £60m of New SNs and 20% of the equity in the restructured group. In addition, there would be no payment of … Read More »
Specialist care sector property consultancy Carterwood has launched a staffing and dementia analysis service for older people’s care homes.
The bespoke, site-specific analysis is designed to help operators mitigate risk and respond to the opportunities presented by the staffing crisis and demand for specialist dementia care.
Co-founder and director of Carterwood, Ben Hartley said the new staffing analysis report provided a detailed study of a new development’s proposed staff catchment area, to help reduce the risk of investing millions of pounds into a new care home, only to be unable to recruit sufficient staff.
“Staffing and dementia are two of the biggest issues in social care today.,” said Mr Hartley.
“We have responded with an innovative, detailed analysis of Great Britain’s care home staffing market, and with an extensive dementia provision survey into more than 10,000 care homes across the UK. The care home … Read More »
Capital Care Group has acquired the 47-bed Anville Court care home in Wolverhampton, adding it to its four homes in Stoke-on-Trent, Macclesfield, Shropshire and Worcestershire, with a £10.2m refinancing package, secured by law firm Harrison Clark Rickerbys.