Digital bank OakNorth has provided a bespoke loan to award-winning care home provider Lovett Care to develop a new Manchester care home.
The loan will support the development of Lovett Care’s latest purpose-built care home, which will be located in Northern Moor, Manchester. The new home will consist of 59 en suite rooms, lounge and dining facilities, hair and beauty salon, café, and activity room, and will specialise in offering nursing and dementia care, as well as treatments for mental health conditions. The facility follows OakNorth’s initial loan to Lovett Care in March 2023 which was used to support the group’s future growth.
Lovett Care CEO Keith Crockett said: “We were delighted to once again work with OakNorth. This is a further milestone in our long-term growth strategy and consistent with our commitment to deliver the best quality care in attractive market locations.”
Dale Cowdell, director of debt finance at OakNorth, added: “We were delighted to once again support this well-regarded care home operator. With those aged 65+ in both England and Wales set for a substantial increase over the next decade, this further highlights the importance of building new sites at locations across the UK. With a robust expansion strategy, the upcoming site will be a valuable addition to the community, enhancing Lovett Care’s overall success.”
