Following the announcement of its newly-opened Birmingham hub, OakNorth Bank completes £750k deal with Bright Minds Daycare

  • Launched in 2017, Bright Minds owns four nurseries across Birmingham with capacity for 330 children ranging from infants as young as six weeks through to pre-school children;
  • Childcare has been a somewhat recession-proof industry in the UK, growing at 3.7 percent annually over the last decade;
  • Birmingham is set for prime growth in the sector in the future, with 40 percent of the population under the age of 25;
  • OakNorth recently announced an expansion to its debt finance team with four new hires, including two in Birmingham – Steve Mitchell and Marcus Hook.

 

OakNorth Bank – the UK bank powered by OakNorth – has completed a debt finance deal of £750k to Bright Minds Daycare, a premium independent nursery group founded in Birmingham. The finance will be used to fund refurbishment and working capital requirements, as well as purchase new equipment.

The business was co-founded by Birmingham based entrepreneurs Taj Heer and Talon Golding in 2017, and is backed by Guinness Asset Management, a UK based asset manager, investing in a range of asset classes and sectors globally. The business’ Operations Director, Kelly Hill, has over 20 years’ experience in childcare, most recently as an area director for the UK’s largest childcare group Busy Bees, where she was running 11 nurseries across the Midlands.

Commenting on the transaction, Taj Heer and Talon Golding, co-founders of Bright Minds Daycare, said: “We spoke to a few different banks about our funding requirements but chose OakNorth because this is clearly a sector they know well and enjoy working with. With OakNorth’s support, we’ll be able to continue expanding whilst ensuring that our two new sites meet the high-quality standards set by our first two nurseries.”

Mohith Sondhi, Senior Debt Finance Director at OakNorth Bank, commented: “We see a huge amount of opportunity in the Midlands. It is home to thousands of brilliant businesses like Bright Minds Daycare, so with our newly opened Birmingham office and our two new team members there, we are excited to help even more businesses in the region achieve their growth ambitions.

“Current occupancy rates for nurseries in Birmingham average 75 percent, but it is the youngest city of any major city in Europe with under 25s accounting for nearly 40 percent of the population, so we expect to see demand grow significantly in the future. Bright Minds Daycare is in a prime position to take advantage of this – the management team know this sector inside out and have built a great business model with strong equity backing to take the business forward.”

You may also be interested in

OakNorth Bank completes £40M loan to Certified B-Corporation, Newcore Capital Management, to support the growth of its social infrastructure fund

Read more

OakNorth Bank provides £35.6M loan to Bruntwood SciTech to acquire and redevelop Glasgow’s Met Tower, the city’s new tech and digital hub

Read more

OakNorth Bank, Hilltop Credit Partners, and MCAP Global Finance provide £33M loan to develop 213 new affordable homes in Worcester city centre

Read more

Subscribe to OakNorth news

Keep up to date with OakNorth's business loan products and other news via email by filling out the below.