Scottish care home provider building new Inverness facility nets £20m of 'sustainable' funds

Parklands Care Homes has secured £20 million of “sustainable finance” for its nine existing homes, as well as a new multi-million-pound care project in Inverness.

Construction on the 58-bed care home in Milton of Leys, Inverness, is expected to begin shortly. A new “later living retirement village” comprising 11 properties for independent living will be built alongside the new care home, in the largest ever investment by the group.

The financing arrangement agreed with Triodos Bank UK also covers a refinance of Parklands’ existing portfolio across the north of Scotland. This includes the Eilean Dubh care home in Fortrose, which opened in early 2021.

The financing deal with Triodos brings together two organisations that have worked across the care sector for more than 25 years.

Established in 1993, Parklands Care Homes operates nine care homes across Moray and the Highlands. Picture: Trevor Martin

Ron Taylor, managing director of Parklands Care Homes, said: “We are delighted to be working with Triodos, a bank with a great track record in sustainable and socially responsible investments.

“Our new partnership with Triodos gives us a platform for growth and means we can focus on providing additional care capacity to serve the needs of our growing older population.

“Our forthcoming investment in Inverness will be our largest and most innovative, combining the traditional model of residential care with independent later living support, and will provide an important economic boost for the city, generating new jobs and supporting the local supply chain.

“As we approach our 30th anniversary of caring for older people in the north, Parklands will continue to invest and innovate.”

Rob Keegan, business banking regional manager for Scotland at Triodos Bank UK, added: “The social care sector is one which has a huge impact upon many families’ lives, and we’re pleased to support organisations like Parklands that are delivering compassionate, award-winning care.

“All of its homes are rooted in their communities and look to make a real difference to people across the north of Scotland.”

Established in 1993, Parklands Care Homes operates nine care homes across Moray and the Highlands – in Tain, Muir of Ord, Fortrose, Grantown, Aberlour, Keith and Buckie. Headquartered in Grantown-on-Spey, the group employs some 600 staff.

A message from the Editor:

Thank you for reading this article. We’re more reliant on your support than ever as the shift in consumer habits brought about by coronavirus impacts our advertisers. If you haven’t already, please consider supporting our trusted, fact-checked journalism by taking out a digital subscription: www.scotsman.com/subscriptions