BN Care has purchased its fifth care home after securing a joint finance package from HSBC UK and BGF, enabling it to continue to grow its portfolio in the Southwest of England and meet the needs of an ageing population.

BN Care, established in 2017, used the combined funding package of £4 million to acquire Barton Place Nursing Home in Exeter which specialises in caring for higher needs residents.

The care home, currently housing 41 residents, will help people living with dementia and other serious mental conditions that require specialist personal care.

BN Care currently operates four other care homes: Hay House and The Dales in Exeter, St Vincent’s in Sussex and Bymead House in Dorset, with plans to build a group of at least 10 homes in the future.

Wade Newmark, owner of BN Care, said: “The new home is an important addition to our long-term goal of building a group that provides high-quality care to higher needs residents. Along with our sister home at Hay House, this makes us a leading provider in the area for dementia and special individual needs. We are committed to the Southwest region and have already begun discussions to acquire a sixth site.

Chris Jones, investor at BGF, said: “We are delighted to see BN Care continue to grow thanks to BGF backing which has paved the way for further expansion in line with the company’s acquisitive growth strategy. With our support, BN Care is going from strength to strength thanks to the inspired leadership of CEO Wade Newmark and his commitment to providing high-quality services in the care home sector.

“We look forward to supporting BN Care achieve its long-term goals as it continues to grow its portfolio of homes which will provide the top-class professional care that more and more people across the Southwest of England require.”

James Shepherd, area director at HSBC UK, said: “There is huge demand for care homes in the area, particularly those that cater for higher needs residents, so it’s great to be able to fund another one of BN Care’s sites and help the business grow further in the Southwest.”