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OakNorth Bank completes £20.2M loan to Park Lane Healthcare for new luxurious sustainable care village near Pocklington, East Yorkshire

OakNorth Bank – the UK bank for entrepreneurs, by entrepreneurs – has provided a £20.2M loan to Park Lane Healthcare, the award-winning care home provider.

Founded in 2005, Park Lane Healthcare is a family-owned care business providing exceptional care for the elderly across North and East Yorkshire. Operating a portfolio of seven care homes, all Park Lane Healthcare homes aim to combine  enviable locations with top quality care.

The new luxurious sustainable site, named Lavender Fields Care Village, is situated three miles from the popular market town of Pocklington and will compromise of a 72 bed care home offering full time care, 24 close-care bungalows for married couples, partners or friends, an on-site licensed café and bar, cinema room, shops, and wellness centre. All rooms will offer full en-suite shower facilities and will be conveniently located at ground floor level, with many of them offering views across open countryside, with others into beautifully landscaped courtyards.

The bespoke facility from OakNorth Bank will also be used to enable Park Lane Healthcare’s future growth strategy of developing more retirement villages in 2022 and beyond.

Chris Mitchell, Chairman of Lavender Fields, commented on the transaction: “Lavender Fields Care Village is a home from home, self-sustainable retirement community, lovingly thought through and currently being created to offer those who choose to live here a peaceful haven, away from the hustle and bustle of everyday life, but with everything on hand to enjoy a wide and varied social life. This is why our slogan is ‘Making New Memories’! At Lavender Fields, our ethos is offering support when its needed, independence when craved and everything in between. Stewart and the team at OakNorth Bank had a clear understanding of the sector, as well as the Yorkshire region, and were transparent and collaborative throughout the process. We’re absolutely delighted to welcome our prospective residents to find out more about Lavender Fields.”

Stewart Haworth, Director of Debt Finance at OakNorth Bank, added: “Well-renowned and experienced care home operators such as Park Lane Healthcare, are in the perfect position to take advantage of the rise in demand for retirement villages. Chris has extensive experience in the care sector, having built a successful portfolio of seven care homes with strong operational performance so we’re delighted to be given the opportunity to help support their newest development. Due to our expertise across both property development and SME trading deals, we were able to create a bespoke facility that allowed Park Lane Healthcare to refinance its existing debt and develop its new site under one facility. With first class care services, professionally trained staff and a beautiful semi-rural location, we envisage demand for the Lavender Fields Care Village will be high and we look forward to working closely with Chris again on future developments.”

 

ENDS

Notes to editors

About OakNorth Bank plc

Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible and accessible debt finance to the UK’s Missing Middle.

Since its launch, the bank has:

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 

Visit www.oaknorth.co.uk for more information.

Contact

Tom Pavey-Smith, Associate Director – Growth & Communications: tom.pavey-smith@oaknorth.co.uk / 0791 716 5588

[1] The PlannerDemand for retirement communities is growing, finds survey

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