The ExtraCare Charitable Trust, a leading provider of retirement villages, has agreed a deal worth £120 million with Lloyds Bank Wholesale Banking & Markets. The arrangement incorporates a restructuring of the Trust’s existing funding from the bank, a bespoke interest rate strategy, and an additional £50million to support the charity’s strategic expansion plans. The charity will also be transferring its day-to-day banking to Lloyds Bank.
Established in 1988 and headquartered in Binley near Coventry, the ExtraCare Charitable Trust has built up a network of retirement villages and communities across the Midlands and North of England. Today, it supports over 3,700 older people in 17 housing schemes and 12 villages and aims to provide a modern alternative to traditional care homes.
With flagship communities in Birmingham, Milton Keynes, Northampton and Nottingham, the charity has ambitious growth plans which will see at least five villages added to its portfolio over the next five years. These new developments will follow the same model of offering a wide range of leisure and health facilities to their residents.
Nick Abbey, Chief Executive of the ExtraCare Charitable Trust, said: “Older people are increasingly looking for options that allow them to maintain an independent lifestyle while having easy access to care, if and when they require it. The fact that the Lloyds Bank team understands our goals and our market means we’ve been able to secure a competitive package which puts us in the strongest possible position to expand our offer and ultimately provide village homes to more people across the UK.”
David Hykin, Relationship Director, Lloyds Bank Wholesale Banking & Markets adds: “We’ve worked with ExtraCare for a number years and over that time have seen at close quarters the quality of care it provides within its communities and the strength of the team behind the charity. ExtraCare’s model of independent living coupled with leisure and care facilities really works and we’re delighted to support its growth plans with this package.”
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