"We are pleased to continue supporting Lovett Care’s expansion and to facilitate access to high-quality care across the UK, particularly as demographic trends intensify the need for additional specialist care provision"
- Dale Cowdell - OakNorth
OakNorth has announced that it has provided a bespoke loan to Lovett Care, enabling the care provider to acquire Belvedere Manor, an 84-bed purpose-built care home in Colne, Lancashire.
Founded in 2009, Lovett Care manages a portfolio of 28 modern homes across England and Wales, offering over 1,800 beds for residential, nursing, and dementia care. The group focuses on delivering high-quality care while supporting residents’ independence and well-being.
Belvedere Manor, built in 2015, provides residential care, dementia support, and short-stay respite, and also accommodates adults with physical disabilities and sensory impairments. The acquisition forms part of Lovett Care’s ongoing expansion strategy to meet rising demand for specialist care, as the population aged 65 and over in England and Wales is projected to grow by 2.3 million to 13.9 million by 2031.
OakNorth funding and market impact
Keith Crockett, CEO of Lovett Care, said, “OakNorth has been an invaluable partner to us over the past two years. Its tailored funding solutions and sector expertise mean we can continue to expand with confidence, whether that’s through new developments like our Upland Manor site in Manchester or acquisitions such as Belvedere Manor. With their support, we’re able to realise the full potential of homes in our portfolio and provide even more residents with the high-quality care they deserve.”
Dale Cowdell, director of debt finance at OakNorth, commented, “Lovett Care has consistently demonstrated strong operational expertise and an ability to enhance performance across its homes."
"This latest transaction builds on our relationship with the group, which began in 2023, and now spans multiple transactions. We are pleased to continue supporting Lovett Care’s expansion and to facilitate access to high-quality care across the UK, particularly as demographic trends intensify the need for additional specialist care provision.”
