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August 12, 2020

ThinCats provides CBILS funding via seven figure care home acquisition facility

ThinCats, the leading alternative lender to mid-sized businesses, has provided a CBILS loan to fund the acquisition of a new care home by Devonshire Care Ltd, an operator of over 20 years’ standing, currently with a group of four care homes across Yorkshire and Lincolnshire.

As part of an ongoing growth plan, Devonshire Care is acquiring a fifth home outside Manchester to augment the portfolio. The business has successful experience in acquiring older style homes in period properties, that offer the potential for investment in the day-to-day running as well as further extension or redevelopment. The target home is a first generation, purpose-built property with the sale driven by the owners’ desire to retire.

The business was introduced to ThinCats by specialist healthcare finance brokers Chandler & Co. Devonshire Care director, Peter Hill, is very experienced in the care home sector, and has had a key role in successfully strengthening the four homes currently under the Devonshire Care umbrella. Funding was sought through the Coronavirus Business Interruption Loan Scheme (CBILS) to support the acquisition and refurbishment, along with the completion of an extension to an existing home.

Since becoming an accredited CBILS lender for term loans in late April, ThinCats has been providing CBILS funding to support existing borrowers. On 13 July ThinCats opened up CBILS lending to new clients, and Devonshire Care is one of the businesses to access this new funding stream.

Peter Hill, director, Devonshire Care: “We are very excited about the acquisition of our fifth home, adding further beds to our existing portfolio. We have been very pleased with the way that ThinCats has dealt with our funding request and appreciate their expertise in this sector and the commitment of their team while dealing with the unprecedented situation presented by the coronavirus pandemic. The Devonshire Care group has been meticulous in ensuring that all measures have been taken to minimise risk to both residents and staff from Covid-19 during this difficult time.

Richard Henshaw, director, National Development Healthcare, ThinCats: “After supporting our existing clients with CBILS loans, it’s great to be able to extend this support to new borrowers. I am delighted that we have been able to help Peter and his team at Devonshire Care with their growth plans during these challenging times. We look forward to providing further support to Peter and the wider healthcare sector in the months and years ahead.”

August 11, 2020

Care operators purchase a further two care homes in the north west aided by Christie Finance

Kim and Phil Rogerson, well established healthcare professionals, have purchased Abbotsfield Residential Care Home in Barrow-in-Furness and Greenlane House in Brampton, both Cumbrian towns. Funding was successfully secured by specialist commercial finance broker, Christie Finance.

Abbotsfield Care Home is a converted care home occupying an impressive site on Abbey Road in the Cumbrian town of Barrow-in-Furness accommodating 26 residents, set over four floors, surrounded by manicured gardens and complete with ample parking for visitors. The home was last rated by the CQC in 2018 achieving a ‘Good’ rating.

Greenlane House is an exquisite residential care home for the elderly, accommodating 28 residents, spread across two floors with bedrooms on both floors. The home has potential for future development and expansion with planning permission approved for a two-storey extension which would create an additional 19 en-suite bedrooms.

In 2009, Kim and Phil purchased their first home, Knowle Care Home in Preston and further proceeded to acquire Kingsfield Residential Care Home in Barrow-in-Furness in 2012 and Norton Lodge in Runcorn in 2016.

Kim and Phil are highly experienced care home operators who are heavily involved in the running of their existing homes on a day to day basis. Their key objective is to provide the highest quality of care to their residents, which they consistently achieve in all of their homes by implementing the correct procedures and processes. The purchase of Abbotsfield Residential Care Home is particularly complementary to their existing portfolio, with this home being located directly opposite Kingsfield Residential Home.

Commenting on their recent acquisitions, Kim says, “We would like to take this opportunity to thank Alena who went the extra mile to secure the funding for these purchases. In addition, Alena provided more support than was asked for, but gratefully received, as the Covid-19 situation threatened the deals completing. We look forward to working with Alena and Christie Finance in the future.”

Alena Ray, senior finance consultant at Christie Finance worked with Kim and Phil to secure funding. She comments, “It was a pleasure working alongside Kim and Phil to secure finance for their two care home acquisitions. Kim’s involvement in the day to day running of the existing care homes has ensured that she has a finger on the pulse, enabling her to adapt to the ever-changing care sector with new rules and regulations being continually implemented. In recent times, trying to secure funding for smaller care homes has been incredibly challenging however, I am delighted to have delivered a funding solution that has enabled my clients to expand their business and continue providing an exceptional level of care.”

July 27, 2020

Orbital Care Services purchase Mapleford Nursing Home in Accrington

Mapleford is a purpose-built nursing home facility spread out over two floors. The business is registered for 54 residents, though there are currently 43 single bedrooms and five en suites as the accommodation has been reconfigured to provide additional communal facilities.

The property is located on Bolton Avenue in the town of Accrington in the Hyndburn borough of Lancashire, circa four miles east of Blackburn, six miles west of Burnley, 13 miles east of Preston and 20 miles north of Manchester city centre. Road links in the area are good, with the A56 and M65 less than one-mile distance.

Christie & Co were instructed by Kerry Bailey and Sarah Rayment of BDO LLP who acted as joint administrators of Pauls Care Services Limited and Mapleford (Nursing Home) Limited.

The business has been purchased by Krinvest Care Group. Speaking on behalf of the company, Ms Joanne Robinson-Randall said, “Orbital Care Services is a division of Krinvest Care Group, and this is the fifth home to join our care home cluster, we also have two mental health hospitals, two Montessori nurseries and supported living, and a further two hospitals opening soon in other divisions of Krinvest. The plans for Mapleford are to focus on occupancy to bring our profit margin back and then we will transition the service over accordingly using our “One best way” practices which will see the services all running the same – and a revamp of Mapleford’s décor and gardens. We provide an excellent service of care and we are rated “Good” with CQC across the company.”

Jonathan Wickens, director of healthcare at Christie & Co, who handled the sale, comments, “We are delighted to have worked with BDO on this transaction and wish Orbital Care Services every success in their new venture. The care sector has, once again, dominated a lot of political discussion over the last four months, but we are now starting to see some shoots of recovery with increased activity from potential buyers.”

Mapleford Nursing Home was sold at an undisclosed price.

July 13, 2020

£25m funding package secured for national care provider

Leading audit, tax and consulting firm RSM has successfully helped Creative Support with a new £25m re-financing deal, providing the national not-for-profit organisation with a sustainable funding structure for long-term security and growth.

Creative Support is recognised as a significant national provider of supported living, prevention and care services in the UK. Its mission is to promote the independence, inclusion and wellbeing of people with support needs including autism, mental health, physical disabilities and those that are older.

Creative Support has been providing vital care throughout the coronavirus crisis. It currently employs 5,000 staff who support over 7,000 people through a range of services such as supported living, residential care and respite. The new funding structure means Creative Support has a strong, sustainable future.

Anna Lunts, CEO, Creative Support said: ‘Ashley Suter and the highly professional RSM team were personable and motivational and their application to the assignment and enthusiasm for our business never flagged. They did a fantastic job of advising and supporting Creative Support throughout this challenging process, right up to achieving successful completion of the new loan facilities, on time and as planned.’

Ashley Suter, who leads RSM’s debt advisory service in the North West said: ‘The work that Creative Support does is vital. The team make a real difference to thousands of people and they have continued throughout the current crisis to provide leading and essential care services. We were delighted to advise on this transaction and provide a number of funding alternatives, in what are very challenging times. Creative Support is well known for its reputation of working in partnership to deliver innovative person-centred support. This is testament to Anna and all her colleagues’ hard work, determination and compassion, and it has been a genuine pleasure to work with them.’

The funding has been provided by Barclays Large Corporate in Manchester.

July 8, 2020

YourZooki secures an additional £150,000 after huge sales growth

YourZooki, a premium liquid supplements brand, is gearing up for further growth after receiving an additional £150,000 from Rosebud, Lancashire County Council’s investment vehicle, just four months after Rosebud initially backed the business.

YourZooki stocks liquid supplements that deliver active ingredients, including Omega 3, Vitamin C and CBD, which can help combat fatigue; increase collagen production to reduce the signs of ageing; and bolster the immune system. The products only include organic ingredients which are sustainably sourced, and they are third-party tested and produced in a GMP certified facility.

The company sells directly from its website to customers in the UK, as well as 14 other European countries. It has also struck deals with major retailers such as Harrods and Selfridges, and most recently Holland & Barrett, which sold out of YourZooki products within the first week.

Rosebud, which is managed by GC Business Finance, initially provided £150,000 worth of funding to the business in February, which allowed YourZooki to invest in a new warehouse and create four new roles. Since then, the company has doubled its turnover, and it is now targeting revenues of £4m by the end of this year.

This funding round will be used to increase stock levels to meet unprecedented customer demand. YourZooki is also in the process of developing three new Liposomal supplements, which are liquid based to increase cellular absorption of vitamins and ensure they are passed into the bloodstream. The products are due to hit the shelves in September this year.

GC Business Finance was appointed to deliver Lancashire County Council’s Rosebud Fund in July 2019. The £11.25m investment fund provides loans ranging from £10,000 to £300,000 to businesses across 12 local authority areas in the region and is aiming to create 150 jobs per year across Lancashire.

Marcus Mollinga, managing director at YourZooki said: “The effects of the ongoing pandemic have made consumers much more health conscious, and people are prioritising their physical and mental state much more than previously. This has led to exceptional demand for our products, and so we required external funding to increase our working capital in order to boost our production rate. Rosebud have shown great confidence in our business, and we are delighted that they have provided this new round of funding which will enable even further growth.

Jonathan Nelson, senior loan manager at GC Business Finance said: “YourZooki has an outstanding product in its Liposomal range, which has proven to be a huge success with both new and existing customers. Having created four new roles in just under four months, it is evident that the business is really going places and we are proud to back the business during this growth phase. We are excited to see how far Marcus can take the business, and we have every confidence that the business can achieve its goal of £4m turnover by year-end.”

Amin Vepari, Rosebud programme manager for Lancashire County Council, said: “The Lancashire business community has time after time proven itself to be resilient in the face of change and challenging circumstances. It’s encouraging to see businesses still seeking growth during these unprecedented times, YourZooki has already created 4 jobs with the previous loan and we’re delighted to be supporting them through this next stage of growth.”

July 2, 2020

Bank support safeguards jobs at Stafford-based mobility equipment supplier

A leading provider of specialist mobility equipment for elderly and physically disabled people, has been able to secure all the jobs of its 36 staff during the coronavirus shutdown, after securing a Coronavirus Business Interruption Loan Scheme (CBILS) from Lloyds Bank.

Stafford-based Easy Living Mobility is one of the UK’s largest retailers of innovative mobility products including daily living aids, mobility scooters, manual and electric wheelchairs, rise recliners and stairlifts. It has a regional network of 12 stores across the Midlands and Staffordshire and serves more than 35,000 customers each year.

Like many ‘non-essential’ retail businesses, Easy Living Mobility faced unprecedented circumstances from the coronavirus outbreak as it was forced to close its doors to customers. The impact of lockdown on the firm’s cash flow has been significant, and it has had to furlough around two-thirds of its staff.

Lloyds Bank helped the firm to navigate the government support available and arranged a £307,000 funding package using the CBILS. This has enabled the firm to maintain some of its administration operations during the pandemic to respond to customer queries, giving it sufficient funds to pay its suppliers, whilst also being able to meet its own operational overheads and staff costs.

The business has recently re-opened its stores in-line with the government’s gradual relaxation of lockdown measures, but as many of Easy Living Mobility’s customers are aged over 70 years and therefore classified as vulnerable, the business’ recovery from the crisis is likely to be gradual. As such, the loan from Lloyds Bank will also allow Easy Living Mobility to more effectively trade back out of the pandemic over the longer-term.

Established in 2001, Easy Living Mobility also specialises in disabled bathroom conversions and installations and provides a mobility scooter repair service to its customers. The business’ stores are located in Newcastle-under-Lyme, Leek, Cannock, Lichfield, Dudley, Kidderminster, Hanley, Walsall, Northfield, Wylde Green, Telford and Wolverhampton.

The CBILS funding arranged by Lloyds Bank is also supporting Easy Living Mobility’s sister company Motus Medical, a leading supplier of specialist lightweight wheelchairs and powered wheelchairs.

Daniel Griffiths, director at Easy Living Mobility said: “Our specialist mobility equipment improves the quality of our customers’ lives. Unfortunately, they haven’t been able to access our stores or any of our installation or maintenance services during lockdown, and this has had a big impact on our customer’s lives as well as our business.

“We’ve seen a substantial decrease in turnover since the crisis unfolded, so the support we’ve had from Lloyds Bank has been invaluable. The team was really helpful and quickly provided a funding solution to give us the cashflow needed to meet our overheads and other costs during lockdown. This has been a real lifeline for our business.”

Adam Hartshorne, relationship manager at Lloyds Bank said: “The service and support that Easy Living Mobility provides to its customers is second to none. It helps people who rely on disability and mobility aids to live more independently, which is critical to their wellbeing. But as the business predominantly services a market that’s been impacted by the lockdown and social distancing rules, it needed extra support during these challenging times.

“We’re working flat out to help firms like Easy Living Mobility to navigate the disruption caused by Covid-19. This includes lending through the Bounce Back Loan Scheme and Coronavirus Business Interruption Scheme, as well as capital repayment holidays on loans for businesses that have been affected.”

July 1, 2020

Christie Finance support the purchase of two Scottish pharmacies by their existing managers

Specialist commercial finance broker, Christie Finance, has supported on the sale of two well-established Scottish Pharmacies, Eildon Pharmacy in Newtown St Boswells and Airth Pharmacy in Stirlingshire, to their existing Pharmacist Managers. Both businesses were sold by the same owner looking to pursue retirement.

Eildon Pharmacy is a community pharmacy servicing Newtown St Boswells, Roxburghshire, and its surrounding areas. Established over 20 years ago, it now dispenses an average of 5,000 items per month. The pharmacy has been purchased by Mr John McDougall, who has held the position of pharmacist manager at the pharmacy since 2013. John qualified in 1999 and has nearly 20 years’ experience as a community pharmacist in a variety of settings, including Lloyds Pharmacy and other independent chains.

Mr McDougall comments, “Sourcing finance as a first-time pharmacy buyer was not easy. At first, I was not sure about using a third party to secure finance due to the costs involved. However, after several months and having no success on my own, I let Craig at Christie Finance take over. Very quickly he was able to obtain more than one offer of finance with highly competitive terms. I am now extremely pleased to have completed on the purchase of my first pharmacy. I believe this would have happened a lot earlier if I had worked with Christie Finance from the outset. For any potential first-time buyer out there, I would not hesitate to recommend Craig’s services.”

Airth Pharmacy is also a community pharmacy located in the village of Airth, Stirlingshire. It services the local community with an average monthly dispensing volume of 2,673 items. The business has been purchased by Mr John Porter, who has been a pharmacist manager at the pharmacy since 2008. Mr Porter qualified in 1988 and has over 30 years’ experience as a Community Pharmacist, which includes working as an Area Manager at Lloyds Pharmacy, responsible for the running of ten pharmacies.

Mr Porter comments, “Craig atChristie Finance was involved from day one of my pharmacy purchase deal, easily contactable and fully understanding of my needs and goals from the beginning. We were in contact frequently and his business advice and sector experience were invaluable. Craig kept in touch even when his main role was completed and actively offered advice and help at every stage of my deal and beyond.”

Craig Dickson, director at Christie Finance, comments, “It was a pleasure working with my clients in realising their dreams and becoming the new owners of their respective pharmacies. This was a fantastic opportunity for me to be involved and assist in supporting not one, but two clients purchasing from the same vendor. I wish them both the very best in embarking on this new journey of business ownership and would be delighted to assist should they ever need my help again in the future.”

June 25, 2020

SaferSalon launches Covid secure toolkit for hairdressers, barbers & salons

British Salons and Barbers are preparing to re-open whilst keeping preened punters protected from the spread of Coronavirus. Following months of no revenue, salons are eager to encourage customers to refresh their locks after lockdown. Fears over a second wave of the virus mean hairdressers and barbers will play a vital role in protecting the nation, and are working out how to cost effectively keep everyone safe.

The opening of non-essential businesses has prompted a shift in focus from government guidance to the additional importance of risk assessments. However many salons are at risk because they are unaware they also need a mandatory COVID Secure Policy. For day to day interactions with the public, practical checklists can minimise the risks in salons during the appointment booking process, before clients even step foot through the door. Keen to encourage customers back in they also want to provide evidence to their customers that it’s safe to come in for a cut.

SaferSalon.co.uk is the UK’s only toolkit bringing together all of the government guidance with practical tools to keep salons both safe and legal. It includes the mandatory COVID Secure Policy, Risk Assessments and Pre-Appointment Check Lists. Comprehensive training information is also included, and for those that want to prove their understanding of COVID Security to their clients, there is a simple to do, online test for which you will receive a Certificate and Certified Logo. You can even add your staff so they’ve had the training too.

What they have created goes above and beyond anything else in the market. Lesley a self-employed Hair Stylist says: ‘I love how simple it is, they have made this so easy for me. I was worried I would not cover everything and end up getting in trouble. The Government site is OK but doesn’t give me everything I need. SaferSalon does… and very quickly, and I get a certificate and badge for my salon window’.

The SaferSalon Toolkit was designed with the expertise of salon owners, sole practitioners, trainers and H&S experts. Paul Apps Director of SaferTrader explained. ‘As a former salon owner with many friends still in the industry, I understand how much work there can be, keeping on top of health & safety and the training required. This COVID 19 situation has caused real problems for many good people who need to get back to work, both quickly and safely. Confidence for customers is Key.’

After the continuing success of the SaferTrader Toolkit for Tradespeople, the team were approached by several Hair & Beauty firms to see if they could do something similar. The COVID Secure Toolkit for salons is filling a huge void in the market for concise, simple to use and straight forward information for all Hair & Beauty Practitioners. To see for yourself visit www.safersalon.co.uk

June 24, 2020

Cumbria View Care Services receives £100,000 NPIF & CBILS loan

Specialist social impact lender GC Business Finance (GCBF) has provided Cumbria View Care Services with a £100,000 NPIF loan, backed by CBILS from NPIF – BFS & MSIF Microfinance, which is part of the Northern Powerhouse Investment Fund (NPIF).

Based in Kendal, Cumbria View Care Services provides private home care for the elderly, including palliative care, assistance with medication, domestic help and live in care to more than 100 service users. The business has been running for more than 30 years and currently employs around 60 members of staff across the Cumbria region.

The impact of Covid-19 on the business has increased its need for working capital to cover increased staff costs and the purchase of the large amounts of personal protective equipment (PPE), necessary to continue providing in-home care safely during the pandemic. The loan has allowed Cumbria View Care Services to cover these costs without affecting the service it provides.

The company is now looking to expand it’s the business to Penrith, which will allow it to service more remote areas of Cumbria.

Sayani Sainudeen, CEO of Cumbria View Care Services said: “Providing the usual standards of care during the pandemic was our number one priority, with demand for our services remaining at high levels. We needed to ensure we could safely operate and protect our staff and service users, so it was important that we were able to access funding quickly in order to cover for any enforced absences.

“Where banks were slow to respond, we found the process with GCBF was simple and we received great support. The whole team is thankful that we have been able to carry on ‘business as usual’ and we look forward to continuing to support the elderly in Cumbria.”

Chris Hutchison, senior loan manager at GC Business Finance said: “Cumbria View Care provides vital services to the most vulnerable from the pandemic, and it was key that disruption was kept to a minimum. As has been widely publicised, the care sector has been amongst the most affected by the disease, and we were glad to be able to provide the funding to ensure that the business could contain any potential outbreaks of the virus and find replacement staff.

“We are committed to helping firms across the North survive the impact of Covid-19, as well as thrive beyond this period. It is pleasing to see the company’s aspirations for the future, and we look forward to seeing the firm’s growth with its proposed plans for additional services.”

Dr Steve Curl, Cumbria LEP director and member of NPIF’s Strategic Oversight Board, said: “I’m very pleased to see that Cumbria Care View Services was able to quickly access funding that helped it continue to deliver essential services to some of our vulnerable residents.

“Adequate protection for care staff is an essential ongoing requirement and, in the current economic climate, any assistance that helps businesses make progress is to be hugely welcomed. It’s particularly helpful if the process by which that help can be secured is as simple and straightforward as possible.”

Sean Hutchinson, senior investment manager at British Business Bank said: “With the current economic disruptions that many businesses are facing, it is important that firms feel they are able to contact our fund managers for support and guidance through this time. It’s great to see GC Business Finance support another business with this NPIF loan backed by CBILS which is having an immediate effect on the business and its service.

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

June 19, 2020

Highly experienced operators purchase Stepps Pharmacy

Specialist commercial finance broker, Christie Finance, has supported BGR Healthcare Limited, represented by husband and wife Ron and Lynne Badger, to purchase Stepps Pharmacy, a long established community pharmacy based in Stepps on the outskirts of Glasgow. The business was sold by our colleagues at Christie & Co.

Stepps Pharmacy is a highly profitable unopposed business located on the main road in Stepps town centre, ideally situated close to two GP practices, currently dispensing circa 6,500 monthly NHS items at an average value of £12.36. The previous owner, Eddie Ceresa, has managed the pharmacy since 1973 alongside his daughter, and has decided to sell the business in order to retire.

The pharmacy has been sold to Ron and Lynne Badger who are well established in the sector. Ron was previously a joint owner of three pharmacies in central and east Scotland: Jedburgh Pharmacy, Callendar Pharmacy and Roslin Pharmacy. In 2017, Ron relinquished joint control of the Jedburgh and Callendar branches to become sole owner of Roslin Pharmacy. Lynne worked with Boots Pharmacies for several years before joining her husband as the second pharmacist at Roslin in 2017. The couple identified Stepps Pharmacy as an ideal opportunity to re-enter the market and were successful in securing the business following a competitive bidding process.

The couple have a great vision for the business and have already installed a new 24/7 dispensing vending machine at the side of the building to make it more convenient for customers to collect prescriptions. A new dispensing robot will also be installed which has previously been a hit with the local community in their other pharmacies. Commenting on their new acquisition, Ron said, “Having been with my existing bank for over 12 years and buying three businesses during this time, I approached Craig at Christie Finance to get a comparison on new lending packages. He was able to secure several offers all at a higher LTV and lower rates than my incumbent lender. The whole process ran smoothly form start to finish, despite several delays with completion dates, and we are now supported by a bank who is keen to support the growth of my company. As well as securing competitive terms, Craig simplified and steered the whole lending process throughout.”

Craig Dickson, director at Christie Finance, comments, “The pharmacy has recently relocated to larger premises albeit on the same street as the previous shop. Ron and Lynne have refurbished and fitted out the property to a high standard and have exciting growth plans for the business, which I’ve no doubt will be well received by the local community and be a great success. I wish them the best of luck in taking the business forward.”

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