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15 March 2016 | Care Mortgages

Christie Finance secures funding to assist expanding Care Group

Christie Finance, the specialist Commercial Finance Broker, has successfully arranged a £12,000,000 funding package with Barclays Bank for its client, Lorimer Care Homes Ltd, assisting them in their acquisition of Gate Healthcare Ltd. The purchase consists of three care homes - Howard House Kilmarnock, Westwood House East Kilbride and Kintyre House Invergordon, adding a further 135 registered beds to the expanding Group.

The funding provided by Barclays Bank sees Lorimer’s existing RBS arrangements refinanced, with the new debt package consisting of term debt, working capital and development facilities.
 
Colin Rhodes, Director of Lorimer Care Homes Ltd, which already own Glenfairn House and Carrick House Care Homes in Ayr alongside Bridge View Care Home in Dundee, views the addition of Gate Healthcare Ltd as an ‘ideal’ fit. Both Lorimer Care Homes Ltd and Gate Healthcare Ltd have excellent reputations within the care sector.
 
He comments further “Craig has provided excellent and informative advice in our fundraising over the past few years. His no nonsense approach coupled with an intimate knowledge of the banks requirement have paid dividends for our company.”

Craig Dickson, Director at Christie Finance, commented: "With access to the ‘whole of market’ Christie Finance has dealt with over 20 different lenders over the past 12 months. We are delighted with the support of Barclays Bank on this particular transaction, who have put together a truly competitive facility, meeting the needs of our client and allowing the Group to expand to meet their long term objectives.”