The new owners of White Rose Care Home in New Tredegar bought it using a £750,000 loan from the Development Bank of Wales, it has been revealed.
Banyan Care Homes Limited, run by husband and wife Shah and Nicky Seehootoorah, was set up especially for the purchase. The directors have previous experience in the sector, running home care services in the Bristol area.
White Rose is a purpose-built care home registered for 32 residents over the age of 65, including those with dementia. It was built in 1990 and occupancy rates are typically over 95% with the majority of residents being publicly funded by local authorities including Caerphilly, Blaenau Gwent and Vale of Glamorgan. It was previously owned by Larchwood Care.
The loan from the Development Bank of Wales has enabled Banyan Care Homes to safeguard the jobs of the 42 staff who provide 24/7 care and retain the same manager who had been integral to the successful running of the care home for the previous owners. It also ensures continuity of care for residents.
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Director Shah Seehootoorah said: “Our experience in the care sector means that we know what makes a great residential care home; a welcoming environment, well-run services and continuity of care that is delivered by staff who really care. White Rose has this but without the funding from the Development Bank of Wales we would never have been able to complete the purchase, as Covid-19 didn’t stop them from being able to meet our timescales.
“The open and transparent approach of the team from the Development Bank made the process seamless; they listened and took real interest in our aspirations for White Rose and future plans for Banyan Care.”
The company has committed to paying all staff above the minimum wage and will be introducing a policy to use local suppliers.
The £750,000 loan from the Development Bank of Wales was funded through the Wales Business Fund. The £204 million Wales Business Fund is funded by Welsh Government and the European Regional Development Fund and is open to small and medium-sized businesses (those with fewer than 250 employees) based in Wales, or willing to relocate to Wales. Loans, mezzanine finance and equity from £50,000 to £2 million is available with terms range from one to seven years.
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