London-based OakNorth Bank has completed a debt finance deal of £20m with the care home provider in Jersey, LV Care Group.

The finance will be used to acquire two new sites in Jersey and the Isle of Man in addition to refinancing three existing care homes.

The two new care homes acquired will be the Jeanne Jugan Residence in Jersey and Kings Reach Nursing Home in the Isle of Man.

LV Care Group offers services including home care, dementia care, mental health and wellbeing care.

The group was founded in 2011 by Nick Bettany and Chris Shelton and was established to develop care homes for elderly clients in the community.

Nick Bettany, chief executive and co-founder of LV Care Group, said: “Jersey and the Isle of Man have an ageing population, with those aged 65 and over set to almost double in the next 20 years. A substantial minority of this age group will need some form of residential care which can only be provided in a care home or hospital, emphasising the importance of our offering, which benefits heavily from our local knowledge.

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“After looking at different funding options, we chose OakNorth Bank as Stuart and his team showed a high level of understanding towards the local care home industry, as well as a willingness to design a package that was tailored to our specific needs,” he added.

The Jeanne Jugan Residence which is now known as St Joseph’s Care Home was officially acquired by the group on 20 December 2019.

The property offers 72 beds and amenities including a library, café and theatre. The Kings Reach Nursing Home is situated in the residential area of Ramsey and offers 52 en-suite rooms across two stories.

Stuart Blair, debt finance director at OakNorth Bank, said: “With a significant amount of the elderly community in both islands sitting on a nursing home waiting list, the group is in a very strong position to provide for them and grow its success further. We look forward to working with LV Care Group on future transactions, as we look to reinforce our own appetite to support the UK care sector throughout 2020,” he concluded.