Venture capital trust (VCT) manager Albion Ventures has invested £6.4 million to fund the creation of a new hospital.
Venture capital trust (VCT) manager Albion Ventures has invested £6.4 million to fund the creation of a new hospital.
Albion has established a partnership with Oliver Sargent, MD of care home business Beagle Healthcare, to ‘build up a hospital group’, starting with the renovation and extension of an existing nursing home in Taunton, Somerset.
The building work will take 10 months to complete, after which the hospital will provide rehabilitative care for NHS patients in the area. Albion’s decision to invest follows research from the firm that ‘identified an area of under-provision in this type of care and in particular in the South West of England’.
David Gudgin, a partner at Albion Ventures, says, ‘We believe that there is a strong market for the independent hospital sector, a view which is supported by the Lead Commissioner in Somerset who stated that they favour commissioning beds in the private sector for such care.’
Gudgin adds that the Taunton development is ‘the first building block in a group of hospitals supported by Albion Ventures’.
