June 10, 2019 Finance

The Somerset Care Group agrees a £35m re-finance and acquisition funding package with Barclays to support future growth ambitions

Somerset Care has agreed a £35m re-finance package with Barclays which includes additional funds to acquire new residential homes to add to its existing 27 care home portfolio.

Somerset Care is a major care provider in Southern England and one of the largest not-for-profit care companies in the UK. Somerset Care’s care homes are located across the region including a respite centre in Taunton for adults with a physical disability and/or sensory loss. The group also provides a range of home care services including assisted independent living, and its Realise and Petals services, a specialist learning disabilities and dementia care team. Somerset Care prides itself on its ability to develop a service that is tailor-made to each individual.

Gary Ridewood, Chief Financial Director, Somerset Care, said: “Barclays’ financing will provide a solid platform that will allow Somerset Care to continue to deliver high-quality care services across the region and beyond. The team at Barclays understood the needs of the business and tailored an efficient financing package that will continue to be fit-for-purpose as the organisation grows.”

Originally part of Somerset County Council, the Somerset Care Group was founded in 1991. The Barclays deal was led by relationship directors Neil Chandler, Keith Herod, and Patrick Martindale.

Neil Chandler, Barclays Relationship Director for Healthcare, South West, said: “We take pride in supporting ambitious businesses that demonstrate clear plans for growth. We are keen to help even more operators like Somerset Care realise their ambitions and successfully navigate the changing economic landscape. This deal demonstrates Barclays understanding of the sector and commitment to healthcare businesses across the region.”

Somerset Care currently provides 1500 beds across its homes and employs over 3200 staff across the company.

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