OakNorth Bank has provided funds to MPS Care Group, a provider of residential nursing and care homes for adults.

The capital will be used to refinance existing facilities and support future growth.

Founded in the 80s, MPS Care owns and operates four care homes in the Northeast, Northwest and the East Midlands, offering a total of more than 180 beds.

Paul Gray, chairman of MPS Care, said: “Since our founding almost 40 years ago, our goal has been to be the care provider of choice, by providing the highest level of care to all our residents and continually improving the quality of our service. Covid-19 was a particularly challenging period for the sector, but by consolidating our portfolio and ensuring we provide comfortable, safe and homely environments for all our residents, we were able to come out the other side even stronger. As we look ahead to the future, we’re excited to have the backing of OakNorth – they’ve supported some of the strongest operators in the business, so receiving this funding from them puts us in great company.”

Dale Cowdell, director of debt finance at OakNorth, commented: “The UK elderly care sector has faced its fair share of ups and downs over the years, but with an ageing population and demand for beds already far outstripping supply, it’s vital that providers such as MPS receive the support they need. Paul has done an exceptional job running the business over the last four decades, making the tough decisions when needed, and taking advantage of opportunities when they’ve come… the business is well-positioned for growth over the next 40 years.”

AT Commercial Finance advised on the transaction.