Avery secures a further Â£40m for expansion
Avery Healthcare is on the verge of securing up to a further £40 million debt and equity package through the Royal Bank of Scotland (RBS) and Graphite Capital, further bolstering its position as the UK’s fastest growing company in the care sector.
The deal, expected to be finalised within weeks, will take the total debt and equity package available to the company to at least £85m in all, to be invested on developing the Avery group further.
Avery managing director John Strowbridge said the additional funding would allow Avery to expand to 30 homes and 1900 beds in the near future. The company already has more than 1,300 beds, including two newly-opened homes. Around 777 beds are in operation with a further 550 under construction.
‘This huge cash injection further demonstrates the capital market’s massive confidence in the Avery formula of building top class care homes across England,’ said Mr Strowbridge.
‘Over the past year we have developed six new homes ourselves and purchased tw