Leeds, 19 June 2012 - Springfield Healthcare Group, the largest independent provider of domiciliary care in Yorkshire and Humberside, has secured two investments totaling £4.4 million from Business Growth Fund (BGF), which was established to help the UK’s fast growing smaller and medium sized businesses.
These equity investments have been made into two businesses within the Springfield Healthcare Group; Springfield Homecare and Seacroft Care Village.
Led by Yorkshire based Group Chairman, Graeme Lee, Springfield was established in 1967 as a single family-run care home and has since grown steadily, now providing care to nearly 2,000 clients each day.
Investment into Springfield Homecare (a Springfield Healthcare Group business)
£2.5 million of BGF’s funds will be invested into Springfield Homecare, which delivers personal care to elderly people in their own homes. It was founded in Leeds in 1998 and now is an approved credited provider with seven Local Authorities in Leeds, Wakefield, Hull, East Riding, York, North Yorkshire, and Sheffield.
Springfield is known for its high quality of care and long term commitment to staff training. BGF’s investment will allow the business to expand its geographical reach and to increase the number of hours of care that it can provide to service users whether it be private, local authority or in the form of a direct payment or personalized budget.
Investment into Seacroft Care Village (a Springfield Healthcare Group business)
The remaining £1.9m has been committed to Seacroft Care Village, to be used alongside existing funds to develop a purpose-built facility situated in the Seacroft area of Leeds. Seacroft Care Village will offer its residents independence and choice as well as flexible, individualised care. The Care Village will offer a full range of care options from aspirational day care, residential, dementia and nursing care, combining with private independent living apartments; the facility will provide 96 beds and offer 24-hour personal care across the care spectrum from “light touch” day-centre service through to intensive end of life care.
Pamela Spetch, practice business manager, of Dr’s Houghton & Partners of the Grange Medical Centre in Seacroft says, “this is an excellent example of integrated care services encompassing both health and social care under one roof and we are delighted to be associated with the project”. The scheme also enjoys the backing of Seacroft Green Residents Association and the local councilors. Seacroft care village is expected to open to clients within two years. Springfield also plans to build a second care village in Harrogate.
Graeme Lee was previously involved in the design, build and operation of a similar 100-bed specialist care home in Harrogate.
An ageing UK population is increasing the need for high quality care services, and there is growing demand for care to be provided to individuals in their own homes. Springfield’s holistic approach to care, offering fully integrated care solutions enhances the quality of life for people who can then move to a residential care environment if and when their specific needs cannot be met in their home environment, maintaining their choice, independence and dignity for as long as possible.
“This £4.4m investment from BGF is great news for Springfield and for the individuals to whom we provide care. It will enable us to grow and maintain high standards so that we can offer more hours of care and broader geographic reach. The investment is a strong endorsement for the way that we do things at Springfield, and the funding will also benefit our team of excellent carers, who every day provide the highest quality care to some of the most vulnerable and deserving people in our communities”
“The care village concept is the forefront of current thinking on healthcare provision, and it is one that Springfield has pioneered. We have plans for two new purpose built facilities, offering 200 beds to residents who want to combine independence and freedom of choice with tailored and individualised care.”
“Springfield is a highly regarded regional operator known for its high quality of care, and its focus on delivery of service. We are delighted to be working with them to deliver these services in Yorkshire and Humberside.
“As we have got to know the business, we have been impressed with its growth plans. With an ageing UK population and increased demand for high quality healthcare services, Springfield are well placed to deliver the services required. Our goal is to assist the management team in realising their ambitions both in the immediate and longer term.”
“For us, this is a great opportunity to work alongside a first class management team, helping them to take their business to the next level.”
The advisers to the transaction were Park Place Corporate Finance, Watson Burton (lawyers to Springfield) and Sagars (accountants to Springfield), Squire Sanders (lawyers to BGF) and BDO (accountants to BGF).
HSBC are bankers to Seacroft Care Village, and NatWest are bankers to Springfield Homecare.