Avondale Care Scotland agrees £10.2m loan with Barclays
Avondale Care Scotland has agreed a £10.2 million loan with Barclays to accelerate its long-term growth plans and expand its portfolio.
The funding package ensures the care home operator has access to capital to provide premium facilities to residents and supports the acquisition of residential care home, Glenbervie in Falkirk, which is already under its operation.
It brings Avondale Care Scotland’s portfolio to four with Carrondale Care Home in Falkirk and Benore Care Home and Lister House in Lochore, Fife.
In addition to providing residential care for the elderly, it also runs Robert Allan House, situated within Lister House, offering specialist care to adults aged between 18 and 65 with complex needs. Each home now has at least one dedicated unit for complex care on site.
The family-run business was established in 1987 by Allan Hendry and is now operated by his sons Graeme and Adrian Hendry. It has delivered growth over this time and employs around 550 people across its four care homes. It also offers care in the community via ACS Care at Home bringing employee numbers to 680. The business reported turnover of £11.5m at its last audited accounts to April 2019.
All day to day banking has also moved to Barclays. The deal team was led by Helen Hutchison, relationship director at Barclays Corporate Banking in Scotland and Alistair Stewart, associate director, corporate development at Barclays Corporate Banking in Scotland.
Adrian Hendry, director of Avondale Care Scotland, said: “This funding package is a big investment into the future of our business. We want to be able to provide the best possible care to our residents and this funding helps us to do so. The decision to bring on Barclays as our banking partner was made easy thanks to its committed team of experts who both share our vision for growth and can demonstrate in-depth knowledge across the complexities of the sector.”
Jamie Grant, head of corporate banking for Barclays in Scotland, added: “The healthcare sector has proven just how integral it is to the functioning of society in the past year, and rightly so.
“Care homes have faced their fair share of challenges and our specialist healthcare team has been on hand to deliver tailored funding to match the specific needs of the sector. Avondale Care Scotland has an excellent reputation, and this sizeable deal ensures it can meet its future growth ambitions while ensuring the highest quality care is offered.”