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.”