Care provider nets £10.2m loan to help expand portfolio
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 helps the care home operator 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, also comprising Carrondale Care Home in Falkirk, and Benore Care Home and Lister House in Lochore, Fife.
In addition to providing residential care for the elderly, the firm also runs Robert Allan House, situated in Lister House, offering specialist care to adults aged 18 to 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. It has around 550 staff, and offers care in the community via ACS Care at Home, bringing employee numbers to 680. The business reported turnover of £11.5m in its last audited accounts to April 2019.
Avondale Care Scotland director Adrian Hendry 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.”
Jamie Grant, head of corporate banking for Barclays in Scotland, said: “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.”
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