SPRINGFIELD HEALTHCARE GROUPJune 2012 | Investment News
Largest independent provider of domiciliary care in Yorkshire and Humberside receives £4.4 million boost
Springfield Healthcare Group is the largest independent provider of domiciliary care in Yorkshire and Humberside and is led by Yorkshire based Group Chairman, Graeme Lee. Springfield was established in 1967 as a single family-run care home and has since grown steadily, now providing care to nearly 2,000 clients each day.
Springfield has secured two investments totaling £4.4 million from Business Growth Fund (BGF), which was established to help the UK’s fast growing smaller and medium sized businesses. These equity investments have been made into two businesses within the Springfield Healthcare Group; Springfield Homecare and Seacroft Care Village.
£2.5 million of BGF’s funds will be invested into Springfield Homecare, which delivers personal care to elderly people in their own homes. It was founded in Leeds in 1998 and now is an approved credited provider with seven Local Authorities in Leeds, Wakefield, Hull, East Riding, York, North Yorkshire, and Sheffield.
Springfield is known for its high quality of care and long term commitment to staff training. BGF’s investment will allow the business to expand its geographical reach and to increase the number of hours of care that it can provide to service users whether it be private, local authority or in the form of a direct payment or personalized budget.
The remaining £1.9m has been committed to Seacroft Care Village, to be used alongside existing funds to develop a purpose-built facility situated in the Seacroft area of Leeds. Seacroft Care Village will offer its residents independence and choice as well as flexible, individualised care. The Care Village will offer a full range of care options from aspirational day care, residential, dementia and nursing care, combining with private independent living apartments; the facility will provide 96 beds and offer 24-hour personal care across the care spectrum from “light touch” day-centre service through to intensive end of life care.
The investments in Springfield Homecare and Seacroft Care Village are the third and fourth investments that BGF’s Manchester based team has made in two months, following its backing of Mexican food chain Barburrito in April and Northern pub chain Wear Inns in May.
The advisers to the transaction were Park Place Corporate Finance, Watson Burton (lawyers to Springfield) and Sagars (accountants to Springfield), Squire Sanders (lawyers to BGF) and BDO (accountants to BGF).
HSBC are bankers to Seacroft Care Village, and NatWest are bankers to Springfield Homecare.