Digital bank, OakNorth, has provided a bespoke loan to care provider, Lovett Care, to support future growth.

Founded in 2009, Lovett Care operates a growing portfolio of modern, purpose-built homes providing residential, dementia, and nursing care.

The group’s current portfolio now consists of 28 homes across the UK, offering over 1,800 beds.

The latest bespoke loan from OakNorth will be used to support the acquisition of Belvedere Manor, an 84-bed purpose-built care home, situated in the historic market town of Colne, Lancashire.

The home, built in 2015, offers high-quality residential care, dementia support, and short-stay respite, for adults of all ages, including those living with physical disabilities and sensory impairments.

Keith Crockett, chief executive of Lovett Care, said: “OakNorth has been an invaluable partner to us over the past two years. Its tailored funding solutions and sector expertise mean we can continue to expand with confidence, whether that’s through new developments like our Upland Manor site in Manchester or acquisitions such as Belvedere Manor.

“With their support, we’re able to realise the full potential of homes in our portfolio and provide even more residents with the high-quality care they deserve.”

Dale Cowdell, director of debt finance at OakNorth, added: “Lovett Care has consistently demonstrated strong operational expertise and an ability to enhance performance across its homes.

“This latest transaction builds on our strong relationship with the group, which began in 2023, and now spans numerous transactions.

“We’re delighted to continue backing Lovett Care’s growth journey and play a role in expanding access to high-quality care across the UK, particularly as the UK’s ageing population highlights the critical need for more specialist care homes.”