Hawthorns Retirement Group, the a hotel-style retirement property specialists whose first location UK location was in Clevedon, has secured a £17.5m funding package from Lloyds Bank Commercial Banking to support its continued growth and expansion.
The funding will enable the business to maintain its development strategy following a sustained period of growth. The lending facility has been provided using funding from the Government-backed Funding for Lending Scheme (FLS), which enables businesses to take advantage of reduced borrowing costs in order to boost their growth plans and support future investment.
The Hawthorns employs more than 170 staff across its three award-winning retirement properties in Clevedon, Eastbourne and Braintree in Essex.
The Hawthorns’ independent living concept was established in the USA more than 30 years ago and has been established in the UK for 18 years.
The funding package from Lloyds will support the business’s continued growth, enabling it to expand its retirement village locations as well as maintaining its current proposition to existing customers.
The Hawthorns recently switched its banking facilities to Lloyds Bank following a competitive tender process. Lloyds Bank is now providing on-going banking facilities and working capital funding lines in order to help drive the business’s development and expansion.
Hawthorns finance director John Gray said: “Our move to Lloyds Bank reflects the team’s support for our growth strategy and this funding will be a key contributor to our continuing success.
“Despite widespread speculation around the difficulties of raising finance in the current economic climate, the Lloyds Bank team has worked closely with us to provide refinancing facilities and additional services that we did not have access to with our previous lender, reflecting their belief in our business model and growth strategy.”
Lloyds Bank Commercial Banking relationship director Mark Newman said: “Hawthorns Retirement Group is a well-established and award winning retirement property business that is renowned for its provision of high quality service to its residents at key locations in the south of the UK.
“Lloyds Bank is fully committed to supporting UK mid-market businesses and Hawthorns Retirement Group is a typical example of such a business that is generating growth and expansion here in the UK. Companies like this are fundamental drivers of our economic recovery and we are committed to working with them to provide the backing they need to drive business expansion using a range of funding options including Funding for Lending.”
