June 13, 2018 Finance

New owners at Montrose Care Home backed by AIB

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A family-owned residential care home business has expanded with the acquisition of Montrose Care Home in Dorchester in a multi-million pound deal funded by Allied Irish Bank (GB) (AIB (GB)).

Darren Mills, his wife Dee and brother-in-law Terry Ringwood recently purchased Montrose Care Home and have completed the first phase of improvements to the property. The family also owns and runs the highly rated Cleeve House residential care home in Malvern, Worcestershire, which the family has owned for ten years.

Set in large, accessible gardens on Prince of Wales Road, Dorchester, Montrose Care Home provides a safe and caring environment for elderly residents, with regular social activities such as keep-fit, entertainers, regular trips out to the local market and visits from hairdressers, chiropodists and local GPs.

Allied Irish Bank (GB) provided Darren Mills and his partners with £2.2m funding for the purchase of Montrose Care Home, a refinance package for Cleeve House plus the full suite of day to day banking facilities.

Jamie Ward, Senior Relationship Manager at AIB (GB) and a healthcare sector specialist, said: “Darren, Dee and Terry have a proven track record of providing a very high quality service at Cleeve House and AIB (GB) is thrilled to support their growth plans with the addition of Montrose Care Home.

“Not only does the family meet the ever-changing demands of the Care Quality Commission, but they also have an ethos of continual investment in their care homes, which has already been brought to bear at Montrose. Most importantly, they possess a genuine and tangible passion for what they do, evidenced by the long term and loyal staff who look after the residents at their first care home.”

Darren Mills added: “Dee, Terry and I found Montrose after a long search and were immediately struck by the relaxed and homely atmosphere which mirrored completely what we’ve created at Cleeve House. Without exception, the staff are brilliant and truly care about what they do.

“Allied Irish Bank (GB) has been fantastic. We’ve built a great working relationship with Jamie and his team, who all understand the healthcare sector, which is really important to us. Both the acquisition finance and move of the day to day banking to AIB (GB) has been executed very smoothly, enabling us to concentrate on running the business. We’ve just completed a major redecoration of our residents’ lounge and plan a schedule of further improvements including upgrading the kitchen facilities. We’re looking forward to building on the already excellent reputation that Montrose had within the local community.”

Pictured left to right: Jamie Ward, Senior Relationship Manager, Allied Irish Bank (GB); Jenny Harding, Registered Manager, Montrose Care Home; Darren Mills and Terry Ringwood, Joint Owners, Montrose Care Home.

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