A leading luxury care home developer is building a state-of-the art facility in a village near Worcester that will create up to 100 jobs, with £5.1m funding from Yorkshire Bank.
The new site will add to Majesticare’s existing portfolio of eight care homes located throughout England. The 66-bed private home will be based in Fernhill Heath. Construction began in summer 2015 and is due to complete in October 2016.
The development will have a specialist dementia care unit and feature prestigious, five-star facilities including cinema rooms, private dining areas and salons.
Steve Oakes, director of Majesticare, believes the new care home will have a positive economic impact on the surrounding area by opening up a diverse range of job opportunities.
He said: “We expect the new home in Fernhill Heath to create up to 100 jobs for local people. As a business, we aim to develop luxurious and nurturing environments in all our locations, however Fernhill is particularly special, incorporating hotel-like facilities while maintaining a homely feel. This will create a positive, engaging environment for our residents to live, and staff to work in.”
Majesticare is a new customer to Yorkshire Bank, which has provided a development facility to assist with the total project cost of £8m. The deal was introduced by Gary Burns, business development manager at Midlands Asset Finance, and was delivered by Graham Harper, healthcare director with the specialist and acquisition finance team at Yorkshire Bank.
Steve added: “I have been very impressed with the time and effort Graham has contributed to visit the site and get a real understanding of what our business is hoping to achieve with this development. Yorkshire Bank created a tailored, flexible funding package that suited the opportunity perfectly.”
Graham Harper, who is based in Yorkshire Bank’s Business and Private Banking Centre in Nottingham, said: “Majesticare has a strong reputation for leading the way in building luxurious care homes and providing an exceptional standard of care. We are proud to have funded this development which will boost employment in the surrounding area. This investment demonstrates our ongoing commitment to strengthening our support for the care industry.
“As economic conditions continue to improve, Yorkshire Bank remains focused on supporting the growth ambitions of businesses in the Midlands.”