A care home group has purchased its fifth care home after securing a joint finance package from HSBC UK and BGF, enabling it to continue to grow its portfolio in the South West of England and meet the needs of an ageing population.
BN Care, established in 2017, used the combined funding package of £4m from HSBC UK and BGF, one of the largest and most experienced investors in the UK and Ireland, to acquire Barton Place Nursing Home in Exeter which specialises in caring for higher needs residents.
The care home, which is currently housing 41 residents, will help people living with dementia and other serious mental conditions that require specialist personal care.
Wade Newmark, owner of BN Care, commented: “The new home is an important addition to our long-term goal of building a group that provides high-quality care to higher needs residents.
“Along with our sister home at Hay House, this makes us a leading provider in the area for dementia and special individual needs. We are committed to the South West region and have already begun discussions to acquire a sixth site.
“I’m extremely thankful to HSBC UK, in particular Relationship Director Ryan Thomas, and the BGF team for their support as I couldn’t have done it without them. Both parties really understood my business needs and were a pleasure to work with.”
James Shepherd, Area Director at HSBC UK, said: “There is huge demand for care homes in the area, particularly those that cater for higher needs residents, so it’s great to be able to fund another one of BN Care’s sites and help the business grow further in the South West.”
Chris Jones, investor at BGF, said: “We are delighted to see BN Care continue to grow thanks to BGF backing which has paved the way for further expansion in line with the company’s acquisitive growth strategy.
“With our support, BN Care is going from strength to strength thanks to the inspired leadership of CEO Wade Newmark and his commitment to providing high-quality services in the care home sector.
“We look forward to supporting BN Care achieve its long-term goals as it continues to grow its portfolio of homes which will provide the top-class professional care that more and more people across the South West of England require.”