Care homes developer agrees £9.5m deal

By Bridging Loan Directory -

A North West care homes business has sealed a £9.5m funding package to build a new 84-bed facility in south Manchester and refinance an existing home according to BusinessDesk.com.

Bolton-based New Care Projects LLP has agreed the finance deal with Bank of Ireland for its existing Manorhey Care Centre in Urmston, and for the new build in Timperley, near Altrincham.

New Care was set up in 2007 to meet the need for purpose built care home facilities in the Manchester area. It is run by Chris McGoff, whp previously ran a luxury homes business called Villafont.

McGoff said: “Bank of Ireland UK was able to put in place a deal that would help us progress our strategy of developing within tight geographic clusters, to achieve optimum efficiencies, firstly within the Borough of Trafford and then hopefully beyond.

“The speed with which the Manorhey Care Centre filled upon opening in September 2010 is a reflection of the need for high quality purpose built care homes, and we are pleased that Bank of Ireland UK recognised this and are able to share our vision for care in the region.”

Derick Barrett, relationship manager, at Bank of Ireland Manchester said: “Bank of Ireland is committed to building long term relationships with strong and viable businesses. New Care Projects LLP has a dynamic management team who are committed to providing high quality health care and Bank of Ireland looks forward to working in partnership with them.”

Manchester law firm George Davies advised the bank. Partner  Paul Bibby said: “This was a great deal to be involved with and it is pleasing to see that deals of this size are being done in the North West market.”