OakNorth Bank completes £20m transaction with LV Care Group – the leading care home provider in Jersey
News on 7th January 2020
- LV Care Group is a locally owned, locally run and locally focused care group providing premium services in Jersey;
- The group will use the bespoke £20m debt finance package from OakNorth Bank to acquire two new sites in Jersey and in the Isle of Man, as well as refinance three existing care homes;
- As ambassadors for independence and quality of life, LV Care Group offers premium services including home care, dementia care, mental health and wellbeing care, as well as nursing and residential accommodation;
- The transaction was supported by Wilson Partners and Clare Connell of Connell Consulting.
Founded in 2011 by Nick Bettany and Chris Shelton, LV Care Group was established to develop care homes for elderly clientele in the community including home care, dementia care, mental health and wellbeing care, as well as nursing and residential accommodation. The group, which now employees 300 staff, will use the bespoke finance package from OakNorth Bank to acquire two new care homes – the Jeanne Jugan Residence in Jersey and Kings Reach Nursing Home in the Isle of Man. Additionally, they will also refinance its three existing care homes in Jersey – Lavender Villa, Cheval Roc and Rosemary Cottage.
The well renowned Jeanne Jugan Residence, now known as St Joseph’s Care Home, was officially acquired by LV care Group on 20th December 2019 from the order of the Little Sisters of the Poor. The property offers 72 beds and various amenities including a library, cafe and a theatre. Located in an established residential area of Ramsey, the Kings Reach Care Home site offers 52 en-suite rooms across two stories.
The three existing homes in Jersey provide a variety of premium facilities and amenities such as, en-suite rooms, therapy rooms, hair salons, landscaped gardens, TV lounges, library corners, dining rooms and sun patios.
Nick Bettany, CEO & Co-founder of LV Care Group, commented: “Jersey and the Isle of Man have an ageing population, with those aged 65 and over set to almost double in the next 20 years. A substantial minority of this age group will need some form of residential care which can only be provided in a care home or hospital, emphasising the importance of our offering, which benefits heavily from our local knowledge. After looking at different funding options, we chose OakNorth Bank as Stuart and his team showed a high level of understanding towards the local care home industry, as well as a willingness to design a package that was tailored to our specific needs.”
Stuart Blair, Debt Finance Director at OakNorth Bank, said: “Nick and Chris have built an impressive business with a stellar reputation and we’re thrilled that our first deal with an operational business in Jersey is with them. They bring a premium approach to care just as we aim to do with lending, with both parties understanding that there’s no such thing as a one size fits all approach. With a significant amount of the elderly community in both islands sitting on a nursing home waiting list, the group is in a very strong position to provide for them and grow its success further. We look forward to working with LV Care Group on future transactions, as we look to reinforce our own appetite to support the UK care sector throughout 2020.”
Notes to editors
About OakNorth Holdings Ltd
Since its inception, OakNorth Holdings has secured over $1bn from several investors, including Clermont Group, Coltrane, EDBI of Singapore, GIC, Indiabulls, NIBC, Toscafund, and SoftBank’s Vision Fund.
The group was founded by Rishi Khosla and Joel Perlman, themselves entrepreneurs who were inspired to launch the business following the challenges they faced in securing debt finance from high street banks for their previous business, Copal Amba (which scaled to c.3,000 employees and was acquired by Moody’s Corporation in 2014).
About OakNorth Bank plc
OakNorth Bank provides fast, flexible and accessible debt finance (from £500k to £45m) to fast-growth businesses and established property developers/investors.
Since its launch, the bank has:
- Lent over £4bn, directly helping with the creation of over 13,000 new homes and more than 17,000 new jobs in the UK;
- Raised deposits from c.60,000 savers;
- Won numerous awards and been recognised as one of the UK’s fastest-growing businesses being listed on the Leap 100, Tech City UK’s Future Fifty, and Fintech City’s Fintech50.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.