Acquisition funding to purchase a 49-bed elderly care home in Norfolk, which is part of a larger facility to purchase additional freehold properties.

Nash Business Capital Ltd is pleased to announce its full exit of its £5,350,000 financing to The Crossroad Group Limited (“Crossroad”), an owner and operator of elderly residential care homes in Norfolk and Yorkshire.

Nash Business Capital Ltd, in conjunction with funding arranged by Nash & Co Capital Ltd, previously entered into a £5,500,000 growth capital financing commitment allowing Crossroad in March 2021 to finance the purchase of The Laurels, a 49-bed elderly care home based in Attleborough, Norfolk and then in June 2023 to purchase the freeholds of Hoyland Hall (44 beds) and Royal Court (44 beds), two elderly care homes located in Barnsley, Yorkshire. The Crossroad Group had operated Hoyland Hall and Royal Court on a leasehold basis since December 2020, during which time it had improved the ratings of the homes to ‘Good’ and ‘ Requires Improvement’ respectively.

Care homes continue to play an important role in the care of the elderly and vulnerable.  There are approximately 480,000 registered beds in over 12,000 (residential and nursing) care homes across the UK, as at December 2022 (source:Knight Frank).  Demand, driven by an ageing population and reduced state provision of residential and nursing care, continues to grow with an additional 24,000 places required over the next 5 years (source:LaingBuisson).