Barclays funds Keane Premier Healthcare acquisition
Lanarkshire based Keane Premier Healthcare has agreed a £2.7million loan with Barclays, enabling the company to expand its portfolio with the acquisition of a third care home, safeguarding 40 jobs and the care of 22 residents in the process.
The funding package will also support the refurbishment of the former Greenlees home in Cambuslang which has been renamed Georgia Park. The facility had been trading in administration, however, with the new management team and investment funding confirmed, residency has now grown by more than 50% to 36.
The company has a strong track record of rejuvenating existing care home facilities embarking on its first project in 2009: the transformation of an 18 bed care home in Dunvegan, Cambuslang, into a 24 room luxury facility by 2011. Following its success, the group committed to a similar project with Duncraggan care home in Burnside, Rutherglen in 2012, expanding the 18 bed set up to a capacity of 24 within a year. Keane Premier Healthcare’s business improvement plans have boosted both homes from Care Inspectorate Grade 2/3 establishments to Grade 5 (Very Good).
The ambitious group also launched Keane Premier Support Service in 2012, a community based business which cares for elderly people and people with learning disabilities which delivers approximately 1,500 hours of care on a weekly basis.
The family run business was founded in 2008 and is operated by James and Lynn Smith, along with their two sons Ross and Ryan. The deal was led by Relationship Directors Helen Hutchison and Lesley Dunbar.
James Smith, Managing Director at Keane Premier Healthcare, commented: “The decision to move our existing business to Barclays was carefully considered but the bank made it an easy process by providing a dedicated account management team that will assist us in the continued development of the company.
“Barclays is also a proven, reliable finance provider in the healthcare market. This experience was a major factor in our decision and gives us a solid foundation on which to collaborate on future business growth.”
Jamie Grant, Head of Business and Corporate Banking at Barclays, commented: “As the first UK bank to have a dedicated Healthcare team, Barclays has 20 years’ experience providing specialist support to the sector. We’re proud to work with ambitious businesses like Keane Premier Healthcare who have long term growth potential. With our support, they have used their knowledge and expertise to get the Greenlees facility back on its feet, not only delivering against their business expansion plans but also securing local jobs.”
Keane Premier Healthcare is one of the many organisations to benefit from Barclays’ Scottish SME fund which was launched in June 2016 to provide access to funding for businesses across all sectors with turnover up to £25m.