An Angus care home group has added two new properties to its portfolio after completing a major refinancing.
Forfar-headquartered Kennedy Care Group already operates a string of homes across Tayside, Fife and Aberdeenshire, and has now moved to expand its operations with the purchase of Windyedge Care Home in Forfar and Storyville in Kirriemuir.
The twin acquisitions, completed for in excess of £1 million, were funded after Kennedy changed its banking provider to the Clydesdale.
The move increases the firm’s portfolio to nine care homes and has seen it significantly increase its workforce to a total of 240 staff.
“I established this company with the vision of delivering an acclaimed standard of care which residents and their families could rely on,” founder Tom Dailey said yesterday.
“Since switching to Clydesdale Bank I have been impressed by the team’s understanding of the local market and care sector. They dealt with our funding request quickly, allowing us to take this growth opportunity, and have been easy to deal with throughout.”
The deal was completed by Derek Smith, Clydesdale Bank’s healthcare business development manager for the east of Scotland.
“We are pleased to be supporting the growth ambitions of Mr Dailey, who bases his success on providing a reliable and increasingly important service to local communities,” he said.
“Companies operating in the sector face many challenges, but for those committed to delivering high standards of care, there are also opportunities for growth.”
Kennedy has been operating since 1993 and has positioned itself in the smaller care home sector.
At 28 beds, Storyville will be the second-largest care home in the group.