Edinburgh-based residential care specialist Randolph Hill Nursing Homes Group Limited has secured a £26 million finance package and moved its full banking to HSBC to provide a platform for growth.
Randolph Hill, which is celebrating its 30th anniversary in 2015, owns and operates six residential care homes across central and east Scotland. The Group provides residential care for 340 residents and employs over 500 members of staff.
The £26 million finance package marks a new relationship for HSBC and includes finance to assist with the redevelopment of their nursing home at Muirfield in Gullane, East Lothian, and investing in their existing homes. On completion Muirfield’s capacity will increase from 38 to 60 residential beds and create an additional 30 jobs in East Lothian.
In addition to providing long-term debt facilities and development finance, HSBC is also providing full payment and cash management facilities to Randolph Hill.
Peter McCormick, Managing Director of Randolph Hill Nursing Homes Group said: “Rebuilding our Muirfield property will provide residents with the very best modern care facility, whilst securing the long term employment of the existing 50 staff, plus providing an extra 30 roles for the local economy. This funding will also enable us to push ahead with investing in our other facilities while also looking at further sites for new build developments.”
Kenny White, HSBC’s relationship director for mid-market enterprises in Scotland said: “Randolph Hill Nursing Homes Group is an ambitious business, with a strong management team and a reputation for providing the highest quality care. We have a strong appetite to support the growth of mid-market businesses like Randolph Hill, and are pleased to be part of this exciting period, helping them to grow.”