Jonathan Simms in the corporate team advised Reward Capital.
Two care homes in West Yorkshire have been acquired for an undisclosed sum by the newly formed P&C Care Ltd, securing the jobs of 84 staff. The deal was made possible by a multi million pound funding package involving National Westminster Bank Plc which was arranged and supported by the funder Reward Capital which itself invested a six figure sum.
Reward Capital, which was advised by Jonathan Simms of Clarion's corporate team, was able to arrange a mezzanine funding package which bridged a shortfall in bank funding and was instrumental in making the transaction possible. The purchaser was advised by Mo Chaudry of CFD Accountants in Bradford.
Based in Shipley and led by Patrick and Catherine Berry, P&C Care has acquired the properties and business of Ivy Nursing Home in Shipley and The Mount Nursing Home in Bradford which were formerly part of Holberry Care Ltd. Both of the 40 bed care homes will be managed by the couple who have extensive experience in the care home sector. Patrick is a qualified nurse and worked for the NHS for 17 years before leaving to work in the private sector. He has run EMI (elderly mentally infirm) care homes for over 20 years and his wife Catherine has also worked in finance and nursing home administration for many years.
Patrick Berry commented: “Having spent most of our lives working in the care home sector, we are passionate about providing the very best for our clients. We look forward to continuing to operate these homes to a high standard and building on their excellent reputation and business success as well as expanding and acquiring further homes in the future.
“Reward Capital made the whole process very easy and played a crucial role finding a creative solution to our funding needs, enabling the deal to happen. The result is that my wife and I have a business we love, our 80 clients are able to stay in their homes and our team of over 80 staff have a secure future.”
David Jones of Reward Capital said, “The care homes are solid businesses which we believe have a bright future with the Berrys at the helm and consequently, we were determined to work with them to find a way of providing the funding they needed. With many businesses still struggling to find funding from traditional high street lenders, we are able to look for alternatives such as the innovative combination of debt and equity financing which we used in this particular case.”
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David Jones of Reward Capital; Jonathan Simms of Clarion; Patrick Berry of P&C Care; and Mo Chaudry of CFD Accountants
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