26th May 2021
Development Bank of Wales Provides Funding to New Care Home Business
Development Bank of Wales has provided £750,000 funding to support a newly established residential care home operator.
Shah and Nicky Seehootoorah, who have extensive experience in specialist dementia and elderly mentally infirm (EMI) care, have established Banyan Care Homes Ltd to purchase White Rose Care Home in New Tredegar from care provider Larchwood Care.
White Rose is a purpose-built care home registered for 32 residents over the age of 65, including those with dementia.
It was built in 1990 and occupancy rates are typically more than 95 per cent, with the majority of residents being publicly funded by local authorities including Caerphilly, Blaenau Gwent and Vale of Glamorgan.
The loan from the Development Bank of Wales has enabled Banyan Care Homes to safeguard the jobs of the 42 staff who provide 24/7 care and retain the existing manager.
Director Shah Seehootoorah said: “Larchwood Care mainly operate in the East of England but they had developed an excellent reputation for White Rose that is testament to the high quality care provided for residents by the team, all of whom take great pride in their work and genuinely care about their residents.
“Our experience in the care sector means that we know what makes a great residential care home; a welcoming environment, well-run services and continuity of care that is delivered by staff who really care. White Rose has this but without the funding from the Development Bank of Wales we would never have been able to complete the purchase, as Covid-19 didn’t stop them from being able to meet our timescales.”
The Development Bank of Wales was introduced to Nicky and Shah Seehootoorah by Gary Boyce of Christie Finance.
Investment executive Ruby Harcombe and assistant investment executive Emily Jones worked on the deal. They added: “As we all live longer, it is a key priority for Welsh Government that we should all be able to age well and live in age-friendly communities where older people feel valued, included and respected. Indeed, care is a key sector of the foundational economy so we are particularly pleased that we’ve been able to provide the funding that will keep White Rose Care Home as an integral part of the local community.”
Harrison Clark Rickerbys acted for Banyan Care Homes.