Yorkshire Bank support drives care group’s expansion plans

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Heathcotes Group-care industry newsOne of the UK’s leading providers of residential care for adults is set for major expansion thanks to new funding from Yorkshire Bank.

Heathcotes Group is one of the country’s most experienced operators of adult residential care facilities with over 200 bespoke placements across 34 specialist services in the UK.

Based in Chesterfield, the Group provides specialist residential accommodation for adults with learning disabilities and mental illness and associated challenging behaviours.

Heathcotes offers living environments which closely resemble typical family homes with each service having only a small number of beds which allow it to provide spacious, high quality environments for service users.

The Group’s facilities will generally be a large adapted home in a residential area accommodating 6-8 young adults.

The support from Yorkshire Bank, a combination of debt funding and working capital, will enable the Group to progress an ambitious programme of expansion.

The deal was arranged by Jamie Stuart and Richard Blount, Senior Directors with Yorkshire Bank’s Specialist and Acquisition Finance team.

With an annual turnover of approximately £20 million and around 800 full-time staff, Heathcotes already has a strong presence in Leicestershire, Nottinghamshire and Yorkshire but is now targeting cities such as Manchester and Birmingham for further growth.

David Harrison, CEO of Heathcotes Group, said: “Since founding the business 12 years ago, we have successfully built a strong reputation across Central England for delivering high-quality, purpose-built facilities for our residents.

“Our new funding arrangements will enable us to invest up to £20 million in doubling in size as we expand our presence into new areas in the coming years.

“Working with the Yorkshire Bank team who have a strong understanding of our ethos and our approach to the care sector will be a key element in our strategy for growth.

Jamie Stuart, Senior Director, Specialist & Acquisition Finance at Yorkshire Bank, said:

“Heathcotes Group’s strong commitment to the delivery of quality accommodation for its service users has been at the heart of its development over the past 12 years.

“We look forward to supporting David and his team as they embark on the next stage of the Group’s expansion.”

Yorkshire Bank has strengthened its support for UK SMEs by becoming the first to partner with the British Business Bank under its ENABLE Guarantees scheme. Up to £125m of new lending by Yorkshire Bank, will help more small businesses achieve their growth ambitions.

 

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