Kilgour raises £600,000 to speed up growth at Renaissance
Robert Kilgour: ‘invested heavily’ (pic: Terry Murden)
Care home operator Renaissance Care has secured an additional £600,000 package to accelerate its long-term growth plans and finance further improvements to its portfolio of 14 homes.
The deal from Barclays follows a £4.5m package in 2017 and will allow the company to speed up its capital expenditure programme to improve its homes and expand capacity.
The company, which has 600 elderly people in its care, is owned by the Renaissance senior management team and Dow Investments whose CEO Robert Kilgour was the founder of Four Seasons Health Care, currently the second largest care home operator in the UK and seeking a buyer. Mr Kilgour has declared an interest in buying back the Scottish homes in the group.
In less than a decade, Renaissance Care has expanded from 80 employees and a turnover of £2.4m to having more than 1,000 staff and a projected turnover of £27m this year.
Mr Kilgour said: “We have invested heavily in improving our care homes and expanding our portfolio over the past two years.
“Our priority is to provide the best possible care and facilities for our vulnerable elderly residents and our hardworking staff, and this funding improves our ability to do so.”
Jamie Grant, head of region Scotland & Northern Ireland, at Barclays, said: “We have worked with Renaissance Care for several years to assist its growth plans which are underpinned by solid business planning and led by an experience management team.”