Lanarkshire-based Keane Premier Group buys 60-bed East Kilbride care home in deal backed by seven-figure bank loan

Lanarkshire-based Keane Premier Group has expanded its portfolio and workforce by snapping up a 60-bed East Kilbride care home it is rebranding in a deal bankrolled by a seven-figure bank loan.

The Cambuslang-headquartered care provider has received the £1.2 million funding package from Barclays, and says the sum is supporting the acquisition of Kingsgate Care Home and the addition of about 40 staff to its team of carers. Modernisation of the asset will now begin with a new name, Ryan Meadows Care Home. Barclays said it has now supported Keane Premier Group with more than £4.5m of funding since 2016, with the care home group now boasting six care homes plus additional home care services.

The deal team was led by Alistair Stewart, relationship director at Barclays, which last week reported pre-tax profits of £2 billion for the third quarter. Keane Premier Group MD Ryan Smith said: “The support that Barclays has given us has been key to helping us expand our business. My relationship director has created a tailored package to help our business grow sustainably in line with our commercial aspirations [and] this investment will allow us to continue to develop the high-quality care we are known for.”

Jamie Grant, head of Barclays Corporate Banking in Scotland, commented: “Keane Premier Group is a great example of a Scottish business with family roots and genuine passion for helping people including residents, families and local communities. We are delighted to have supported the business in growing their care offering in Scotland.”

Similar deals undertaken by Barclays include the agreement last year of a £10.2m loan to Avondale Care Scotland to accelerate its long-term growth plans.