Oaknorth Bank has completed a debt finance deal of £20 million with LV Care Group, a care home provider in Jersey.
LV Care Group will use the funds from the deal to acquire two new care homes – St Joseph’s Care Home, (formerly Jeanne Jugan Residence) in Jersey and Kings Reach Nursing Home on the Isle of Man.
St Joseph’s Care Home, was officially acquired by LV care Group on 20 December from the order of the Little Sisters of the Poor, an organisation that cares for the elderly.
Additionally, LV Care Group will also refinance its three existing care homes in Jersey –Lavender Villa, Cheval Roc and Rosemary Cottage.
Founded in 2011 by Nick Bettany and Chris Shelton, LV Care Group was established to develop care homes for the elderly in the community including home care, dementia care, mental health and well-being care, as well as nursing and residential accommodation.
Stuart Blair, debt finance director at OakNorth Bank, said: “With a significant amount of the elderly community in both islands sitting on a nursing home waiting list, LV Care Group is in a very strong position to provide for them and grow its success further. We look forward to working with LV Care Group on future transactions, as we look to reinforce our own appetite to support the UK care sector throughout 2020.”
Nick Bettany, chief executive and co-founder of LV Care Group, commented: “After looking at different funding options, we chose OakNorth Bank as Stuart Blair and his team showed a high level of understanding towards the local care home industry, as well as a willingness to design a package that was tailored to our specific needs.”
Due diligence for Oaknorth was conducted by Connell Consulting.