A care home business which operates in Bradford is set for further growth after securing more than £50 million in new finance.
Legal & General has agreed a £51million ten-year debt facility with the Leeds-based LNT Group, parent company of Ideal Carehomes, which operates 36 care homes, including the Mill View home in Queen’s Road, Bradford.
The L&G loan is being used to refinance existing bank debt finance and will release capital to support LNT Group’s growth plans, including its aim to build between six and eight new care homes a year, which would create around 500 jobs annually.
Chairman Lawrence Tomlinson, pictured, said: “We were particularly impressed with L&G’s knowledge of the sector and ability to structure terms that are tailored to our maturing business. Supporting our future growth, the long-term facility not only gives the LNT Group stability but also releases necessary capital to underpin development opportunities and job creation.
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