SpringCare Carehome Group, the owner and operator of 16 specialist care homes, has received £9 million of new funding from Cynergy Bank.

Cynergy Bank has provided SpringCare with a five-year term loan with a repayment profile of 25 years.

Established in 2001, SpringCare is a family-run business that operates a group of residential and nursing homes across Shropshire, Cheshire and the Wirral. Its facilities cover a range of care options, from basic residential care where clients require support to continue independently with their lives, to nursing home care. SpringCare also provides care services to younger adults with disabilities for both long- and short-term respite stays.

The finance provided by Cynergy Bank will enable Springcare to refinance four specialist care homes within its portfolio and the funding structure will also allow the group to pursue continued growth.

Lee Cox, director at the SpringCare Carehome Group, said: “The group has been expanding steadily over the last few years, growing from strength to strength. Cynergy Bank has been an integral partner to us during this time and made at times, a complicated refinance process, quite seamless from a finance perspective. We are looking forward to continuing working alongside Cynergy Bank as the Group evolves.”

Sat Shingadia, relationship director at Cynergy Bank added: “It has been great to work with alongside such a solid team. I look forward to providing continued support to SpringCare that offer such invaluable support within communities.”