Thursday 29 July 2021 – Cynergy Bank has provided a £2m CBILS loan to the Rhencullen Care Group, who owns and operates three successful care homes in Norfolk.
This loan helped Rhencullen Care Group refinance their existing debt held with another provider and acquire the freehold of Belvoir House, a converted Victorian property, situated in the quiet village of Brundall, Norfolk. Rhencullen Care Group provides residential and specialist dementia care for older people.
- While the Government guarantee 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.
- Rhencullen Group was advised by Jonathan Care of Hansell Solicitors.
- Cynergy Bank was advised by Charlotte Round, Daniel O’Brien and Adam Hattersley of Fieldfisher, Bela Chauhan of Knight Frank and Lawrence Roberts of Christie Finance (Introducer).
Mandy Croshaw and Leah Cowley of the Rhencullen Group commented: “Securing the funding and refinance for our group has been an enjoyable and seamless process thanks to Satyen Shingadia and Harry Bishop. From the very beginning we were made to feel completely at ease, and nothing was too much trouble. The whole process has been completed professionally and in a timely manner. We know our relationship will go from strength to strength giving us the opportunity to grow a successful group of care homes. We can’t thank Satyen and Harry enough.”
Satyen Shingadia, Relationship Director, Cynergy Bank commented: “It has been a fantastic experience to work with Mandy and Leah to assist them in purchasing the freehold of Belvoir House. They run a highly successful group of residential care homes in the Norfolk region and I look forward to working with them on future projects.”
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.