A residential care home operator has added a fourth site to its portfolio after agreeing a seven-figure deal.
A residential care home operator has added a fourth site to its portfolio after agreeing a seven-figure deal.
Altogether Care bought Sherborne House from Dorchester Care with £2 million of debt provided by NatWest.
The bank’s funding was arranged by relationship manager Martin Cypher who also funded a previous acquisition for the company.
Sherborne House currently accommodates 31 people and has separate bungalow and outbuildings. NatWest’s funding package will also be used to update the property’s facilities.
Altogether chairman Brian Westlake said: “The acquisition of Sherborne House is exciting and we now have funding in place to modernise and refurbish the home, which will facilitate plans to expand our home care business and respond to increasing demand for the care service we offer.”
This is the fourth care home Altogether has acquired since Brian and Margaret Westlake bought the company in 1988. Its other properties are Steepleton Manor Residential Home and Cheverels Nursing Home, both in Dorchester, as well as Weymouth Nursing Home. It also provides domiciliary care services across Dorset.
Cypher has worked closely with the Westlakes as they have grown the business and will continue to do so as they realise their objectives. “It is a delight to see our customers succeeding and to be able to work closely with them to develop a tailored funding solution to enable them to realise their objectives. We look forward to continuing to work with Brian and Margaret as their business grows.”
The bank was advised by the Commercial Law Practice’s Lee Wilkins who specialises in working on care home acquisitions.
Wilkins said she worked closely with Altogther Care’s legal team to structure the deal. “My experience in dealing with this kind of acquisition meant that, in addition to ensuring that the bank’s security interests were fully protected, we were able to add value to the deal for the buyer.”
The vendor was supported throughout the transaction by Lester Aldridge LLP, led by partner Susan Cowan and Mark Benham, a partner in the firm’s real estate team.
Cowan said the firm advised Dorchester Care when it bought the property. “The disposal of Sherborne House will enable the vendor to focus on its homes in Dorchester.”
