A care home group is set to more than double in size to meet the needs of an ageing population across the South West of England, following a £3.4-million investment from BGF, one of the largest and most experienced growth capital investors in the UK and Ireland.
BN Care has operated three care homes since 2017 – Hay House and The Dales in Exeter and St Vincent’s in Sussex. BGF was introduced to the opportunity by HSBC, one of BGF’s shareholder banks. BGF’s investment, alongside additional funding from HSBC, has been used to acquire a fourth home in Dorset which will take the group’s combined capacity of specialist nursing beds it can offer to 120.
Driven by an ageing population with increasingly complex healthcare needs, BN Care has signalled its expansion plans which will see an increase in the number of elderly care homes it currently owns and operates from four to 10 by 2028.
The group, which employs more than 100 staff across its homes, will extend service capacity during the course of the next five years, to meet the ever-increasing demand for specialist nursing care for the region’s elderly.
BN Care CEO Wade Newmark said: “Our care homes offer a range of high-quality services from end-of-life support to specialist dementia care. Importantly, all of our homes are rated ‘Good’ by the Care Quality Commission.
“We see a huge amount of potential in the range of strategic and financial support that BGF is able to provide and felt it was important to work with an investor that has a long-term approach to driving growth.
“The financial backing from BGF means we can accelerate our growth plans, supporting even more people in the region that need our services.”
The investment was led for BGF by investors Edwin Davies and Chris Jones.
BGF investor Edwin Davies said: “We are delighted to announce our investment in BN Care as it grows to meet the range of complex needs that are so in demand from older people across our communities.
“We are backing an accomplished and highly experienced industry leader in CEO Wade Newmark, who has a track record of providing high-quality services to the care home sector.
“Our investment will enable BN Care to build a network of specialist nursing homes in the South West region. We look forward to supporting the business with further funding and strategic support in the future as it expands its portfolio of homes.” Dr Mark Jackson has also been appointed as a Non-Executive Chair at BN Care as the result of an introduction from BGF’s Talent Network, which is the UK’s largest pool of non-executive directors. A qualified GP, Mark brings substantial healthcare industry experience and expertise to BN Care following roles as chairman of the board of BGF portfolio company Medigold Health and deputy chairman of Allied Healthcare.