Major expansion agreed for Chesterfield-based healthcare provider
Chesterfield-based healthcare provider Heathcotes Group has agreed a £20 million expansion plan to double the size of their business, which specialises in providing care homes for adults with learning disabilities.
The deal, which combines finance from a leading high street bank together with debt funding and working capital, has been agreed on behalf of the Group by Chesterfield Champion Mitchells Chartered Accountants and Business Advisers.
With more than 30 care homes and around 800 full-time staff, Heathcotes already has a strong presence in Leicestershire, Nottinghamshire, Derbyshire, Staffordshire, Lancashire, Cheshire and Yorkshire, but is now targeting cities such as Manchester and Birmingham for further growth.
The Group plans to add a further eight care homes to its expanding portfolio in 2015 alone, with more scheduled in 2016 and 2017.
David Harrison, CEO of Heathcotes Group, said: “Since founding the business 12 years ago we have successfully built a strong reputation across Central England for delivering high-quality, purpose-built facilities for our residents.
“We have an excellent relationship with Mitchells and their understanding of our ethos, expansion plans and our approach to the care sector makes them a valued business partner”
Tony Hornsby, Partner at Mitchells who led the team that was heavily involved in the refinance process between the Heathcotes Group and Yorkshire Bank, said: “Heathcotes has been a client of Mitchells since its incorporation and we have worked together since the acquisition of the first home in 2003. We have a fantastic relationship with the group and their rapid growth since incorporation is testament to their commitment to excellence in care and professionalism. We have enjoyed assisting them with their growth and look forward to working with them through their expansion process.”
Mitchells, which is based on Saltergate in Chesterfield, is one of the leading corporate finance specialists firms in the UK Care Home market, delivering a full range of accounting and corporate finance services to care homes locally and nationwide. Its expert team works proactively with residential care providers to grow their business, minimise tax liabilities, increase profitability and build the value of their investment.
Image: Tony Hornsby, Partner at Mitchells.
