OakNorth Bank to advance the £5m required to complete Side by Side’s new school building

  • Side by Side is a special needs school and integrated nursery catering to children between the ages of two and 19;
  • In addition to the school and nursery, Side by Side also offers therapy sessions, an afterschool club, extra-curricular activities, and Kodesh (Jewish Studies);
  • The development bridge from OakNorth Bank will be used to assist with financing the development of new school premises with capacity for 130 children;
  • The loan has been guaranteed by a number of local supporters.

OakNorth Bank – the UK bank for entrepreneurs, by entrepreneurs has agreed to advance £5m to enable Side by Side, the special needs school and integrated nursery catering for the Jewish community, to complete its building work whilst its fundraising continues apace.

Side by Side’s new school premises is scheduled to open for pupils in September 2022, with an increased capacity from 80 to 130 and new state of the art facilities designed to meet the specific needs of every child. The school, which carries a “Good” rating from Ofsted, welcomes students from across London with range of special needs. Specially designed programs, customised to each level and ability are implemented by a cadre of staff headed by Gerald Lebrett.

The new £11m school project has raised more than half the required funds locally and it is always a challenge to ensure that the building work must continue as funds come in.

Jacob Sorotzkin, chair of Governors at Side by Side said: “The generosity of our community is astounding, and we are immeasurably grateful to those individuals who have secured this facility from OakNorth Bank. Our building work continues, our fundraising efforts continue but OakNorth’s advance will ensure that we will meet our target and open as planned next year.”

Ben Barbanel, Head of Debt Finance and Greg Manson, Associate Director of Debt Finance at OakNorth Bank, continued: “Side by Side has self-funded its growth extremely well, through charitable events and fundraising activities but cash flow for the building works is imperative. We at OakNorth Bank are truly proud to have been able to provide the necessary finance and we look forward to becoming partners with the wonderful Side by Side team.”

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.

It has borrowers across a variety of sectors, including: healthcare (nursing homes and retirement villages), consumer goods, vehicle and parts manufacturing, capital goods manufacturing, household professional services (including educational services), nurseries, business support services, hospitality and recreation (including hotels, resorts, restaurants and bars, fast food outlets and limited service restaurants), SME residential and commercial property development and investment.

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

Visit wordpress-test-website.oaknorth-it.com for more information.

Contact

Valentina Kristensen, Director – Growth & Communications: valentina.kristensen@oaknorth.com / 0757 234 9009

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