OakNorth – the digital bank for entrepreneurs by entrepreneurs – has provided a loan to Lovett Care, the care home provider.
Founded in 2009, Lovett Care specializes in “offering residential, nursing and dementia care across England and Wales.”
The past three years has seen the business grow “to nine care homes, with the Group’s current portfolio now consisting of over 500 beds.”
With a core focus of enabling older people to continue “living an active and enriched life, regardless of their needs, Lovett Care have built-up a strong reputation in all the areas they operate in.”
The loan from OakNorth will be “used to support the development of Lovett Care’s latest purpose-built care home situated in Northern Moor, Manchester.”
The new site will “consist of 59 en-suite rooms, lounge and dining facilities, hair and beauty salon, café, and activity room, and will specialise in offering nursing and dementia care, as well as treatments for other mental health conditions.”
The facility follows OakNorth’s initial loan “to Lovett Care in March 2023, that was used to support the group’s future growth.”
Keith Crockett, CEO of Lovett Care, commented:
“We were delighted to once again work with OakNorth. This is a further milestone in our long-term growth strategy and consistent with our commitment to deliver the best quality care in attractive market locations.”
Dale Cowdell, Director of Debt Finance at OakNorth, added:
“We were delighted to once again support this well-regarded care home operator. With those aged 65+ in both England and Wales set for a substantial increase over the next decade, this further highlights the importance of building new sites at locations across the UK. With a robust expansion strategy, the upcoming site will be a valuable addition to the community, enhancing Lovett Care’s overall success.”
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank says that it provides fast, flexible, and accessible debt finance “to the UK’s Missing Middle.”
Since its launch, the bank reportedly has:
- Lent over £10b, directly helping with the creation of 40,000 new jobs and 29,000 new homes across the UK.
- Raised deposits from c.175,000 savers.
- Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.
It is authorized by “the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.”
