Cambridge & Counties Bank supports management buy-out with £5m in funding
The management team at Ashberry Healthcare Ltd, led by managing director Nigel Denny, has received £5m in funding from Cambridge & Counties Bank to help finance the successful management buy-out of the business. The buy-out supports the long-term growth strategy of the business as it caters for strong demand for high-quality, professional and specialist care at this critical time in the UK.
The team at Ashberry Healthcare was introduced to Cambridge & Counties Bank by Wesley Davidson of Fox Davidson.
Established in 2003, Ashberry Healthcare currently operates 320 beds across seven care homes located in, Surrey, Cheshire, Herefordshire and Carmarthenshire. The group specialises in providing both nursing and residential dementia care to elderly residents.
The management team has a wealth of experience of operating care homes and successfully expanding in the sector. Managing director Nigel Denny has over 25 years’ sector experience including opening new homes. Susan Lovelace joined the group in September 2019 as operations director. She is a registered nurse with 8 years’ experience at senior operational level. Finance director Gary Cottrell has extensive experience in senior financial positions of which the last 10 years have been in the healthcare industry.
Nigel Denny, managing director, Ashberry Healthcare Ltd said: “The MBO has been a pivotal moment for the senior team and the business, coming after a period of consolidation and investment. The group delivers exceptional care for our residents thanks to the excellent work of our staff and quality of our facilities, and we will look to build on this strong foundation. The understanding and approach shown by Cambridge & Counties Bank has been highly supportive of our ambitions.”
Paul Howard, regional director West & Wales at Cambridge & Counties Bank, said: “We’re delighted to be supporting Nigel and the team with this highly competitive financing. They have worked hard to position Ashberry Healthcare for growth and have the experience and focus to further build on this momentum. Helping successful management teams such as this is central to Cambridge & Counties’ business model and relationship-based customer approach.”