October 10, 2018 Finance

Luxury care home provider pushes ahead to establish flagship facilityin London


A well-established developer and operator of luxury care homes for the elderly across the UK is in the process of constructing a new flagship facility based in Battersea in London, with support from Clydesdale Bank.

Cinnamon Care Homes operate 11 luxury care homes across the Midlands and South of England and was recognised as one of the top 20 Mid-Sized Care Home Operators in the UK at this year’s annual Care Home Awards.

After acquiring the premises two years ago with the Bank’s initial support, Cinnamon are now in the process of redeveloping the former York House Care Home at Battersea into a brand-new flagship retirement and care community, with care home capacity increasing from 58 to 78 beds, alongside the construction of 28 extra care units across two new floors being built on top of the existing building. The new development will be the company’s most ambitious to date in terms of size and scale and is being funded with the support of a significant financing package from Clydesdale Bank, making it the fifth such project from Cinnamon to be backed by the lender.

The new state-of-the-art care home (due to open next Autumn), will be located just a stone’s throw away from one of London’s most popular green spaces – Battersea Park and will be equipped with a café-bar, hairdressing salon, roof-top gardens and a cinema room. The extra care units will be similarly well equipped with separate lift access and the ability to share common facilities within the care home for leisure and dining. A high level of residential; respite; convalescent and dementia care will be available to residents in the community, helping them and their families to have peace of mind.

Stuart Norris, Commercial Director at Cinnamon Care Capital said: “We have a close working relationship with Clydesdale Bank, whose Health & Social Care team has a strong understanding of the care home sector – it is one of the few banks that is fully able to support the development of new homes.”

He added: “The Bank has been a key funding partner for us through the years, having supported the development of five of our care homes across the UK from inception to completion. In this instance, we had the backing of the Bank for the initial acquisition of the existing vacant care home in Battersea, then following successful planning permission the Bank extended this support to allow us to entirely redevelop the property, allowing us to set plans in motion to build a truly landmark London project.”

Gavin Dean, Senior Director, Health & Social Care at Clydesdale Bank said: “We are delighted to be supporting such an ambitious project which will undoubtedly provide excellent care to clients in a prime central London location. From the very first development we helped to fund, we saw the potential in the business and we look forward to supporting them into the future as their portfolio continues to grow.”


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