ExtraCare expands with £150m refinance
Picture: Mick Laverty, Chief Executive of The ExtraCare Charitable Trust, Maisie Skinner, resident at New Oscott Village, David Hykin, Relationship Director at Lloyds Bank Commercial Banking, and Chris Skelton, Finance Director, The ExtraCare Charitable Trust.
ExtraCare has completed a £150 million refinance with Lloyds Bank to support continued expansion across the country.
The latest funding package will support ExtraCare’s three-year growth plan, seeing the construction of Earlsdon Park Village in Coventry and Longbridge Village in Birmingham.
The Charity will also extend its geographical footprint across the UK, opening villages in South Gloucestershire, Bedford, Solihull and High Wycombe as part of its on-going development strategy, meeting the increased demand for retirement facilities to support the growing ageing population.
Mick Laverty, Chief Executive of The ExtraCare Charitable Trust, said: “Our ethos here at The ExtraCare Charitable Trust is to provide safe, comfortable communities for the older generation to enjoy their retirement. Our long-term plan is to deliver this across the UK, providing an alternative offering to nursing or care homes.
“The on-going funding support provided by Lloyds Bank gives us a vital platform for growth and the capabilities to pursue a pan-regional expansion plan which will see us grow our presence within the Midlands, as well as further south to Buckinghamshire and Gloucestershire.”
David Hykin, relationship director at Lloyds Bank Commercial Banking, said: “The refinance has provided The ExtraCare Charitable Trust with the resource to capitalise on the growing demand for high quality retirement accommodation, and roll out its facilities across wider geographies. In a competitive industry, this will be a valuable catalyst to ensure the business can continue to go from strength-to-strength and consolidate its position as a major player in the sector.”
ExtraCare encourages an active and inspirational lifestyle for more than 4,400 people aged 55 and over.
The Charity’s unique holistic approach was validated by Aston University in a recent three-year research project, which found that ExtraCare residents experience a 46 per cent reduction in GP visits over a twelve-month period. The Charity’s approach results in significant savings for NHS budgets – over 12 months, total NHS costs for ExtraCare residents can reduce by 38 per cent.
ExtraCare also raises funds through a network of around 60 charity shops across the country. This supports more vulnerable residents through the Charity’s Enriched Opportunities Programme® (for people living with dementia), care services and health and well-being projects.
The ExtraCare Charitable Trust was advised by KPMG throughout the refinancing process. The ExtraCare Charitable Trust received legal advice from Pinsent Masons. Lloyds Bank’s legal advice was provided by DLA Piper.
About Lloyds Bank Commercial Banking
Lloyds Bank Commercial Banking provides comprehensive expert financial services to businesses of all sizes, from start- ups, through to small businesses, mid-sized businesses and multinational corporations. These corporate clients range from privately-owned firms to FTSE 100 PLCs, multinational corporations and financial institutions.
Maintaining a network of relationship teams across the UK, as well as internationally, Lloyds Bank Commercial Banking delivers the mix of local understanding and global expertise necessary to provide long-term support and advice to its clients.
Lloyds Bank Commercial Banking offers a broad range of finance beyond just term lending and this spans import and export trade finance, structured and asset finance, securitisation facilities and capital market funding. Its product specialists provide bespoke financial services and solutions including tailored cash management, international trade, treasury and risk management services.
Its heritage means it has an unrivalled understanding of business needs and a proven track record of supporting businesses across the sectors and regions. Taking a relationship approach, it provides support to its clients throughout the economic cycle.
Lloyds Bank has been voted Bank of the Year for an unprecedented ten consecutive years at the FDs’ Excellence Awards in association with ICAEW and supported by the CBI & Real Business.
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