Fife care home firm invests in growth with £20m HSBC funding
Fife-based care home operator Kingdom Homes is investing significantly in its care home portfolio with the development of a new nursing home in Leven and the acquisition of a new property in Anstruther, thanks to a £20m funding package from HSBC.
The new property, to be named ‘Walton House’, is located on Victoria Road, Leven and will open in early 2018 providing 40 spacious and modern rooms and creating an additional 40 new jobs in the local community.
Kingdom Homes is a family business founded by current owners Colin and Margaret Smart who have been providing care for the elderly in Fife for over 33 years.
The Group operates 10 residential and nursing care homes in Scotland, providing 416 beds and employing 514 people.
Kenny White, relationship director at HSBC, said: “Kingdom Homes opened its first facility in 1984 and, through a commitment to quality services the business remains at the forefront of care in Fife. We have great confidence in Colin and Margaret’s knowledge of the sector and supporting their ambitious growth plans.”
Colin Smart, managing director at Kingdom Homes, said: “We’re an evolving business and with each acquisition comes new opportunities and challenges. We needed a bank that understands how we want to grow and what we want to invest in. Kenny and his team supported our ambitions and not only provided funding but also invaluable advice and guidance as we embarked on our growth strategy.”
This expansion follows other investments made by the Group over the last 18 months including the acquisition of Windmill House Nursing Home in Anstruther, a 10-bed extension of their Barrogil House care home in Cluny, near Kirkcaldy; the purchase of specialist dementia care unit Roselea House; and the development of new head office premises in Mitchelston Industrial Estate, Kirkcaldy.
The acquisition of Windmill House, a nursing home with 40 beds, extended Kingdom Homes’ reach into the East Neuk of Fife with further investment planned to upgrade the facilities and ensure the highest possible care is being provided to its residents. This home has now been renamed “Willow House”.
Kingdom Homes also acquired Roselea House in Cowdenbeath, which it previously operated under lease, as part of the business’s overall growth strategy to increase investment. This is a 20-bed specialist dementia care unit which has been operating since April 2010.
The investment at Barrogil House in Cluny, completed in July 2016, saw the home increase to 40 beds with the addition of 10 high quality rooms, all with full wet room en-suite facilities, dining room and lounge, and finished to the highest standards.