Mon, 30 May 2022 | BUSINESS NEWS
Care home company Renaissance Care has raised £30 million in funding from an unnamed backer, with the investment set to help the group accelerate its plans to nearly double in size through acquisitions. The announcement comes amid ongoing fragmentation within the care home sector.
Robert Kilgour (pictured above), the care home entrepreneur and Executive Chairman of Renaissance Care, has previously said that he wants to increase the size of the Renaissance Care group from its 16 current care homes to 30.
Kilgour has now confirmed that the initial £30 million in acquisition funding will enable the group to proceed with these plans. He commented: “As we look to further growth, we are proceeding with our expansion plans to double the size of Renaissance Care across the country, becoming one of Scotland’s major care home operators.”
“At the heart of that, we are investing, developing and working alongside our people, ensuring that we can attract and retain the very best of talent to instil a person-centred approach across each of our homes.”
Alongside its new acquisition war chest, Renaissance Care has also announced that it will invest £14 million in improving energy efficiency and adding new beds at existing homes in its portfolio. Over the next three years, it will invest over £6 million in refurbishments, including improved insulation, LED lighting, new windows, boilers and improved heating control. £8 million, meanwhile, will be invested in adding 56 bedrooms at six of its current care homes.
Saying that the investment would help “futureproof the business”, Robert Kilgour added: This new investment is substantial but, in our view, vital in maintaining and improving the high standards at our homes.”
“The last two years have been an incredibly tough time for residents, families and hard-working team members in care homes across the country, and it is important to us that we provide the best possible care and facilities for our people. Despite all that we have been through since the start of the pandemic, we remain very positive about the direction of the business and our future plans.”
Find out more about why the care home sector is ripe for consolidation in the wake of COVID-19.
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