Barclays Provides £14.8 Million Construction Loan to UK Care Home Company

Barclays Corporate provided a £14.8 million (about $23.2 million) five-year loan earlier this month to UK care home specialist Signature Senior Lifestyle, as part of a wider £25 million development project.

The loan will go toward facilitating the construction and operation of a new 99-bed residential and nursing care home in Brentwood, Essex, which will also have a 24-unit dementia care section.

This will be Signature’s fifth community; the operating company currently employs more than 225 people who care for more than 200 elderly residents, providing care on an “as and when required” basis.

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Additionally, Signature has plans to open 10 more homes in the southeast of England in the next four to five years, which will serve to dramatically expand both its service offerings and number of employees.

“With the UK’s population ageing at its fastest rate yet, supporting the operation and expansion of quality care has never been more important. Barclays Corporate is committed to the industry and will continue to support strong operators,” said George Fergusson, Relationship Director in Barclays Corporate’s Healthcare team, in a statement.

The facility is expected to open in April 2013.

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Written by Alyssa Gerace