Chesterfield care provider refinances for growth
A Chesterfield headquartered care home group, Hill Care Group, has secured funding from Barclays to consolidate their banking with one provider and refinance for growth with a £26 million term loan.
Established in 2001 and headquartered at St Mary’s Gate, the business provides care to over 1000 residents across 19 care homes throughout the UK, covering Derbyshire, Merseyside, Cheshire, Manchester, West and South Yorkshire and the North East. Hill Care will now move ahead with plans to acquire and build new facilities in communities with a need for first-class care services.
The funding deal with Barclays is the largest the bank has agreed with any care operator in the North of England this year. Chesterfield-based Mitchells Chartered Accountants and Business Advisers help lead the funding deal.
Mitchells has acted for Hill Care since its incorporation in 2001. As part of the deal with Barclays, it provided assistance in preparing the financial modelling and forecasting on behalf of Hill Care to ensure the refinancing went smoothly.
Wendy Waddicor, Managing Director of Hill Care, said: “We are very excited to be expanding our brand of exceptional, holistic care, catering to all our residents’ needs.
“Our priority is improving the quality of life for those who choose to reside with us, maintaining their privacy, dignity and ability to manage their own lives. Through new builds and acquisitions, we will be able to support more families with the care of their loved ones.”
Wendy added: “Barclays shares our enthusiasm, aspirations and appetite for growth and we are delighted to strengthen our relationship with the bank. The new funding and consolidation of our finances under one umbrella will enable us to realise our ambitions.”
John Anderson, Barclays Relationship Director commented: “We are delighted to work with Wendy and her team and provide a full banking package, including £26 million term debt. This deal demonstrates Barclays understanding and commitment to healthcare businesses. Having a focused industry specialism enables us to understand the current social and economic headwinds experienced by operators.
Tony Hornsby, partner at Mitchells, said: “Hill Care is an ambitious company and needed a finance provider that shared their outlook and growth plans for the future to enable them to realise their growth potential.
“It makes sound financial sense that they have aligned themselves with a progressive bank like Barclays for future developments. It was a true partnership approach between Hill Care, Mitchells, hlw Keeble Hawson Solicitors and Barclays and one that has delivered a great outcome for everyone concerned.”
hlw Keeble Hawson advised on the various facility agreements, dealt with the required security and investigated the title to the various properties owned by the Hill Care Group.
Nick Goulding, Corporate partner, said: “This was an important transaction for the Hill Care Group and enables them to push on with their plans for further growth and success. It was a complex matter due to the number of care homes and parties involved and needed to be completed within a tight timescale. Everyone worked very hard and with a good sense of collaboration in order to deliver the project on time.”
