OakNorth Bank has completed a £750k debt finance deal with Bright Minds Daycare, an independent nursery group founded in Birmingham.
The finance will be used for refurbishment, working capital requirements and the purchase of new equipment.
Bright Minds owns four nurseries across Birmingham with a capacity for 330 children ranging from infants to pre-school.
It was co-founded by Birmingham based entrepreneurs Taj Heer and Talon Golding in 2017 and is backed by Guinness Asset Management.
Taj Heer and Talon Golding, co-founders of Bright Minds Daycare said: “We spoke to a few different banks about our funding requirements but chose OakNorth because this is clearly a sector they know well and enjoy working with. With OakNorth’s support, we’ll be able to continue expanding whilst ensuring that our two new sites meet the high-quality standards set by our first two nurseries.”
Mohith Sondhi, senior debt finance director at OakNorth Bank said: “We see a huge amount of opportunity in the Midlands. It is home to thousands of brilliant businesses like Bright Minds Daycare, so with our newly opened Birmingham office and our two new team members there, we are excited to help even more businesses in the region achieve their growth ambitions.
“Current occupancy rates for nurseries in Birmingham average 75 percent, but it is the youngest city of any major city in Europe with under 25s accounting for nearly 40 percent of the population, so we expect to see demand grow significantly in the future. Bright Minds Daycare is in a prime position to take advantage of this – the management team know this sector inside out and have built a great business model with strong equity backing to take the business forward,” he added.
This news comes after OakNorth bank recently announced its expansion of their debt finance team by opening new offices in Birmingham and adding four new senior hires to the team.