Freeth Cartwright Takes Care Of Finance Deal
Corporate finance specialists at regional law firm Freeth Cartwright have advised a fast-growing care home group that has just announced UK expansion plans after securing a new multi-million-pound property finance deal.Established in 1996 and named after the grandmother of its founder and chairman, Phil Burgan, Maria Mallaband has developed into one of the UK’s leading providers of residential support for the elderly and mentally ill.
Freeth Cartwright has been working with the Leeds-based company since its incorporation in 1995. It has assisted the company on the acquisition of a number of care homes, including premises as far afield as Leamington Spa, Stockport, South Wales and Wadebridge.
In a move that is expected to see the business double in size over the next three years, Lloyds TSB Corporate Markets has been awarded the mandate to refinance the business’ debt and support Maria Mallaband’s growth plans by providing an innovative £50m funding package.
Phil Baigent, banking partner at Freeth Cartwright, commented: “This sector, in which we as a firm have a lot of experience, has seen a lot of consolidation over recent years. Maria Mallaband has been on the acquisition trail but the company’s success has also been driven by its commitment to a premier product and customer service. The new funding arrangements for the company from Lloyds TSB will enable it to progress its expansion plans and accommodate the development of several new homes.”
Maria Mallaband owns 34 care homes located throughout England providing over 1,000 beds and also provides specialist care facilities for those suffering dementia, autism or physical disability.
The UK care home sector is worth £9 billion a year, with 15,700 private, voluntary and Local Authority operators working on behalf of an estimated 500,000 older people.
Maria Mallaband was also advised by Grant Thornton. Lloyds TSB was advised by DLA Piper and valuers Colliers CRE.
ends - 11 July 2007