OakNorth Bank has provided a £6 million loan to Jersey care home provider LV Care Group.

Founded in 2011 by Nick Bettany and Chris Shelton, LV Care Group was established to develop care homes for elderly clientele including home care, dementia care, mental health and wellbeing care, as well as nursing and residential accommodation.

The capital will be used to refinance an existing loan on LV Care Group’s 41-bedroom Cheval Roc care home, and to support the group’s future growth.

LV Care Group’s chief executive Bettany said: “Following a recent report by the Jersey Care Commission that revealed a growing demand for local care services in the region, the provision of our services has never been more vital. This latest facility will once again provide us with the required capital to help support our growth journey.

Stuart Blair, director of debt finance at OakNorth Bank, added: “Nick and Chris continue to build-upon LV Care Group’s already stand-out reputation and we’re delighted to once again be able to support the group’s growth journey. Cheval Roc’s coastal setting on one of the most popular bays on the island, means that it is always in demand and that is evidenced by its 100% occupancy levels. We look forward to working with LV Care Group on future transactions, as we look to further emphasise our appetite to support the UK care sector throughout 2023 and the years ahead.”