Independent nursing and care home provider Capital Care Group has completed a multi-million pound refinance deal with Allied Irish Bank (GB) in Birmingham to support its growth plans.
Founded by Manjeet Rai in 2004, who runs the business alongside her son and financial specialist Ravi Rai, Capital Care Group currently has six nursing and care homes: Hillcrest Manor and Portland House in Shrewsbury; Haresbrook Park in Tenbury Wells; Westfield Lodge in Stoke on Trent, Weston Park in Macclesfield and its latest acquisition Anville Court in Wolverhampton, which it added in 2017.
The group provides a wide range of specialist care services to adults and older people with varying needs including nursing care, residential care and dementia care. The funding package from Allied Irish Bank (GB) is designed to underpin Capital Care’s ambitions to grow the group to 1000 capacity within the next two years and also includes the full suite of day to day banking facilities.
Adam Breakspear, health and social care director at Allied Irish Bank (GB) in Birmingham, said: “Manjeet has built an enviable track record within the industry for taking on under-performing care homes and turning them around. She and Ravi are able to improve their acquisitions operationally and financially and have built strong relationships with local authorities and the Care Quality Commission to create solid foundations on which to build the group.
“Capital Care is not just a family-owned and run business. Manjeet and Ravi treat their senior team and all their staff like family and it’s apparent the minute you walk through the door of one of their care homes. Their client-centred philosophy, reputation and strong management team are all qualities we look for in the businesses we back. We look forward to working with Manjeet and Ravi in the years ahead.”
Manjeet Rai added: “I’ve known Allied Irish Bank (GB) since buying my first nursing home, Hillcrest Manor in 2004 and Adam for several years and I’m thrilled to be working with him and the bank again. Their specialist knowledge of the healthcare sector really does make a huge difference, but equally important to me and to Ravi is the customer service. Being able to pick up the phone and talk openly and honestly to a bank manager you trust is so valuable and increasingly rare.
“The market for good quality nursing and care homes is only set to grow. We’re currently looking at two new additions to our portfolio, with a further two potential locations under review. This new finance package with Allied Irish Bank (GB) will help support those growth aspirations tremendously.”