Scottish care home developer Simply UK is planning to grow its operational business with the opening of its first care home in 2020.
As well as expanding into the care home operational business, it is also planning to target prime locations throughout England.
The move comes after it secured a £40m revolving credit facility from real estate lender Fortwell Capital.
Gary Sharp, managing director of Simply UK, told CM: ‘We plan to have 1,000 care home beds in operation by 2023 and will have developed 1,500 beds by this time, 500 of which will be sold to other operators.’
Funds will also be used for Simply UK’s first Retirement Living development, a 74-bed care home in Bridge of Weir, due to open next year.
Simply UK has developed almost 1,000 beds throughout the UK and has been in the care sector, which accounts for 75-80% of its turnover, since 2012.
‘Fortwell has been fully engaged and supportive from our first meeting. The team understands the care sector across the UK and has the capital available to make a difference to growing developers,’ Sharp said.
Arthur Jennings, managing director of Fortwell Capital, said: ‘Fortwell is delighted to be supporting Simply UK on their growth to becoming Scotland’s largest care home developer as it begins to build its operating arm.
‘We have been impressed with Simply UK’s construction and development track record, and its future ambitions. The care home sector continues to be a key area of focus for Fortwell Capital, as the UK’s ageing population continues to drive demand for beds in this sector.’