Care group Springcare secure new financing to safeguard long-term future
A leading North West and Midlands care group has safeguarded the long-term future of its business after completing a refinancing deal totalling more than £20m following advice from RWK Goodman.
Springcare, a care group which maintains more than 30 care and nursing homes between Herefordshire and Lancashire and as far east as Leicestershire, has agreed on financing with Punjab National Bank which will allow for long-term reinvestment and expansion within the wider care group.
The deal, totalling more than £20m, allows for the restructuring of existing finances and the ability to fund an extension of a care home within the wider portfolio, allowing Springcare to continue their mission of delivering high-quality care.
RWK Goodman’s Health & Social Care and Banking & Finance teams advised on the deal, with the team led by partner Bharti Moore and senior associate Vijay Ladhani, who both provided banking support. Solicitor Giles Tidy also advised on corporate needs, while partner Rob Walton and associate Layla Banfield both supported on real estate requirements.
Bharti said: “Springcare are a group providing much-needed support and care across the Midlands and North West and it has been incredibly rewarding to support them in this latest step towards continued high-quality care delivery and investment in the sector.”
Vijay said: “Ensuring that care groups have access to the funding they need to truly excel in their day-to-day delivery of support is crucial to the continued success of the sector as a whole, and we’re pleased to have been able to support by leveraging our expertise in both the Social Care and Banking sectors to complete this complex and wide-reaching transaction.”
Lee Cox, director at Springcare, said: “We strive to make a positive difference to everyone who enters our homes and this deal marks the next major milestone in ensuring that our mission of care and the preservation of dignity and individuality can reach more people across our homes and beyond.
“We’d like to thank the RWK Goodman team for their invaluable support helping get this deal over the line as their experience in this sector was vital to ensure every angle of this deal worked best for our needs and long-term strategy.”
Bevan Brittan acted on behalf of Punjab National Bank in the transaction, with additional support provided by A T Commercial Finance and Colliers.
The Health & Social Care team at RWK Goodman is a recognised market leader, with in-depth knowledge and experience in the social care sector. Based across London, Thames Valley and the South West, our team of lawyers are fully immersed in social care, which enables us to cut to the heart of urgent matters quickly, and help you plan for what may lie ahead.
Our aim is to get to know your business and become the strategic advisors you trust to provide insightful, pragmatic solutions. Our clients include nursing and residential homes, hospices, homecare agencies, supported living, specialist colleges and children’s services and our advice covers many areas.
