Thu, 19 Oct 2023 | BUSINESS NEWS
OakNorth and Graphite Capital have partnered to back Storal, one of the UK’s largest privately-owned nursery groups. Storal, which was founded in 2016, operates 28 nurseries and two out-of-school clubs, providing more than 2,000 children with early years education, and was ranked fourth in this year’s Nursery World Ofsted rankings.
The group has built its nationwide presence through both acquiring and launching single-site and small group nurseries, which are integrated into its platform. Most recently, the group acquired Alexandra Park Children's Learning Community in Whalley Range.
According to Grant Thornton UK, which advised Storal on the investment, the new funding will enable the company to “continue its rapid organic and acquisitive growth”.
Storal Chief Executive Sarah Mackenzie echoed this, stating that the funding “will allow us to accelerate our growth, and continue providing high-quality education in the early-years sector at a time when there is increasing recognition of the educational and social benefits of early-years learning."
OakNorth Debt Finance Director Stuart Blair said that the UK’s nursery market “is expected to grow by 10.7 per cent per annum between 2023-2027" and that the government’s announcement earlier this year that free childcare support will be extended “is only expected to increase demand further.”
Blair said that, with the new funding, “Storal is in a prime position to take advantage of this.” He added: "Sarah has a wealth of industry experience and has been influential in the sector by shaping the relationship between early-years education providers and their external stakeholders."
Grant Thornton director Andrew Frame added: “The business has a clear growth strategy to broaden access to high-quality early years learning at a time when there is increasing political support and recognition of the educational and societal benefits. The business attracted significant interest with over a dozen investment offers recognising the unique quality platform that Storal represents.”
Find out more about dealmaking in the UK's childcare and early years education sector:
73 per cent planning deal activity as nursery sector consolidation continues
Consolidation resumes in the UK’s childcare sector
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