OakNorth Bank Provides Bespoke Loan to Lovett Care to Support Future Growth

OakNorth Bank, the neobank for entrepreneurs, by entrepreneurs, has provided a bespoke loan to Lovett Care, the award-winning care home provider.

Founded in 2009, the past three years have seen the group grow from two to nine homes, with further growth plans in the pipeline. Lovett Care have an envious reputation in all the areas they operate and aim to provide exceptional care to their residents in homes across England and Wales.

Lovett Care will use the bespoke loan facility from OakNorth to take its portfolio of care homes into double figures and will add more than 230 high quality residential and dementia beds to the group over the next few years. The loan facility will also support Lovett in the first part of its expansion plans as it looks to grow its footprint in the UK elderly care sector.

Keith Crockett, CEO of Lovett Care, commented: “At Lovett Care, we understand that everyone has different requirements and needs, which is why we specialise in a variety of care options, from long-term residential placements to short-term respite visits. Since our launch over a decade ago, our profession and collaborative team members have been the driving force behind us achieving an excellent standard of person-centred care, where everyone has the freedom of choice, privacy, dignity and is treated with the utmost respect. Given the significant undersupply of beds predicted in the future, we appreciated the speed and responsiveness of the OakNorth team, who also demonstrated a clear understanding of our business and the UK’s care market.

Dale Cowdell, Director of Debt Finance at OakNorth Bank, added “Well-renowned and experienced care home operators such as Lovett Care, are in the perfect position to take advantage of the rise in demand for aged care facilities. With those aged 65+ in both England and Wales set for a substantial increase over the next decade, this further highlights the importance of the building new sites at locations across the UK. We’re delighted that Keith and his impressive and experienced management team at Lovett Care chose us as their funding partner and we look forward to working with them on more transactions in the future.”