26 August 2021 – Vicarage Nursing Home, a family run care home located near Shrewsbury, now has the capital to invest in its business following a re-financing of its loans to Cynergy Bank.

Vicarage Nursing Home has been owned and successfully traded by the Ephraims family since
2003. The home is a 50-bed specialist dementia care facility located in Bayston Hill, near Shrewsbury.

Cynergy Bank successfully completed a £2.35m CBILS term loan and an £165k overdraft facility to assist the borrower in refinancing their existing loan and purchase the freehold of the Vicarage Care Nursing Home.

While the Government guarantee for CBILS loans is for six years, recognising the significant disruption COVID-19 has caused to the healthcare sector, Cynergy Bank was able to structure the loan on flexible terms with the first-year interest and fee-free before the loan reverts to a 24-year capital and interest repayment profile.

It has provided both a significant cost saving to the company and funding to support further capital expenditure plans.

Vicarage Nursing Home was advised by Ruth Latham of Wall James Chappell Solicitors.

Cynergy Bank was advised by Charlotte Round, Daniel O’Brien and Sameena Punnu of Fieldfisher, Rick Tarver of Knight Frank and Ed Brown of Christie Finance (Introducer).

Roger, Margaret and James Ephraims, owners of Vicarage Nursing Home said: “Recognising the uncertainty in the current climate, particularly within our sector, it has been refreshing to work with Satyen Shingadia of Cynergy Bank to achieve the refinance and acquisition package to support our strategy. We look forward to working with the Bank on our future projects.”

Satyen Shingadia, Relationship Director, Cynergy Bank commented: “We are delighted to have the opportunity to work with the Ephraims family, in supporting them with the refinance and acquisition of the freehold of the nursing home.”

Cynergy Bank reached a significant milestone earlier in 2021, lending over £200m to SMEs through the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS).

The bank was able to assist both existing and new customers, with 57% of loans going to existing customers and 43% to new customers.

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