Barclays and Santander have provided a £120m financing package to Runwood Homes, secured on its portfolio of care homes and day care centres.
Barclays was the mandated lead arranger and facility agent and provided £96m. Santander supplied the remaining £24m.
The loan will be used to maintain Runwood Homes’ 65 care residences and 13 day care centres located in England and Northern Ireland. The facility will also help develop more homes in the future.
“With the UK’s population ageing at its fastest rate yet, supporting the operation and expansion of quality care has never been more important,” said Steve Pleass, relationship director at Barclays corporate banking.
“The banking facility agreed will allow the company to continue their vital work and enable it to open further homes in the future.”
Logan Logeswaran, managing director at Runwood Homes, said: “We have been able to achieve the right level of cost-effective funding in partnership with Barclays, meeting both our day-to-day financing and longer-term growth needs.”
Based in Hadleigh, Essex, Runwood Homes employs about 4,000 workers who support around the same number of residents. Three-quarters of the residents suffer from dementia.