Care home operator Renaissance Care has secured £4.5m of funding from Barclays to support its long-term growth plans.
The deal will finance further development of the company’s existing care homes and planned acquisitions to extend its portfolio.
Renaissance Care is owned by Dow Investments and Renaissance senior management and currently operates 12 care homes across Scotland in Aberdeen, Aberdeenshire, Moray, Perth & Kinross, Edinburgh, East Lothian and Glasgow.
Dow Investments CEO Robert Kilgour was the original founder of Four Seasons Health Care, the largest care home operator in the UK. Under his leadership Renaissance Care has enjoyed impressive growth, expanding from 80 employees and turnover of £2.4m to 760 staff and £20m turnover in the last seven years.
The deal team at Barclays was led by Relationship Director Helen Hutchison.
Robert Kilgour commented: “The care sector is going through challenging times just now and we needed a banking partner that not only understood the industry but also shared our vison for growth. We had worked with Barclays previously on other ventures and the team’s passion for supporting business success was clear. Their proactivity and industry knowledge made them the natural choice.
“This funding will allow us to continue our dual strategy of investing heavily in improving our existing care home facilities and also providing further training for our hardworking staff to ensure we deliver the best possible care for our vulnerable elderly residents.”
Jamie Grant, Head of Corporate Banking for Barclays in Scotland, said: “Our specialist Healthcare team has supported the industry for more than two decades and this sector knowledge was one of the reasons Renaissance Care chose to bank with Barclays. We also shared the company’s vision for growth, which is backed by an experienced management team and solid business planning.
“Renaissance Care is one of many organisations that have benefited from our SME fund since its launch last year. Scotland has a diverse and vibrant business community and we are fully committed to supporting these companies through the current uncertainty and helping them to prosper.”
The Scottish SME fund was launched in June 2016 to provide access to funding for businesses across all sectors with turnover up to £25m.. business in Scotland across all sectors up to £25m turnover.