Residential care specialist Randolph Hill Nursing Homes has secured a £26 million finance package from HSBC to help revamp its existing facilities and support long-term expansion plans.
The Edinburgh-based company, which owns and operates six nursing homes across central and east Scotland, is about to begin a £8m redevelopment plan of its Muirfield premises in Gullane, East Lothian. The project, due for completion in early 2017, will expand capacity and create 30 jobs.
The group, founded in 1985, is also planning further investment in other premises and seeking to acquire additional sites across Scotland.
Randolph Hill provides residential nursing care for 340 residents and employs more than 500 people. The firm expects to generate revenue of £14.4m in the current financial year, up from £13.7m last time.
Managing director Peter McCormick said: “Rebuilding our Muirfield property will provide residents with the very best modern care accommodation, while securing the long-term employment of the existing 50 staff, plus providing an extra 30 roles for the local economy. This funding will also enable us to push ahead with investing in our other facilities, while also looking at further sites for new build developments.”
In addition to providing long-term debt facilities and development finance, HSBC is providing payment and cash management facilities to support Randolph Hill’s expansion ambitions.
Kenny White, HSBC’s relationship director for mid-market enterprise in Scotland, said: “Randolph Hill Nursing Homes Group is an ambitious business, with a strong management team and a reputation for providing the highest quality care.
“We have a strong appetite to support the growth of mid-market businesses like Randolph Hill, and are pleased to be part of this exciting period, helping them take forward their plans.”