The Welsh government-owned Development Bank of Wales has provided a £750,000 loan to enable the acquisition of a Valleys care home.
The finance has allowed Banyan Care Homes to purchase the White Rose care home in New Tredegar from 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 over 95 per cent with the majority of residents being publicly funded by local authorities including Caerphilly, Blaenau Gwent and Vale of Glamorgan.
The loan has enabled Banyan Care Homes to safeguard the jobs of the 42 staff who provide 24/7 care and retain the same manager who had been integral to the successful running of the care home for the previous owners. It also ensures continuity of care for residents within the local community.
Banyan 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,” he added.
Harrison Clark Rickerbys acted for Banyan Care Homes, while the Development Bank of Wales was introduced to the new owners of White Rose by Gary Boyce of Christie Finance.
The £750,000 loan from the Development Bank of Wales was funded through the £204m Wales Business Fund, which is open to small and medium-sized businesses with fewer than 250 employees and are based in Wales, or willing to relocate to Wales.
