A Birmingham banking team has agreed a £120 million deal with a Midlands retirement village operator.
The agreement sees Lloyds TSB’s Wholesale Banking and Markets restructure existing funding to the ExtraCare Charitable Trust, provide a bespoke interest rate strategy and an extra £50 million to support expansion plans in the Midlands and North.
The charity will also move its day-to-day banking to Lloyds.
The trust, which has a scheme in Sutton Coldfield, plans to add at least five villages to its portfolio over the next five years.
Nick Abbey, chief executive of the ExtraCare Charitable Trust, said: “Older people are increasingly looking for options that allow them to maintain an independent lifestyle while having easy access to care, if and when they require it. The fact that the Lloyds bank team understands our goals and our market means we’ve been able to secure a competitive package which puts us in the strongest possible position to expand our offer and ultimately provide village homes to more people across the UK.”
The trust was established in 1988 and has headquarters near Coventry.
It has more than 3,700 older people in 17 housing schemes and 12 villages in the Midlands and North of England and aims to provide a modern alternative to traditional care homes.
David Hykin, relationship director at Lloyds, added: “We’ve worked with ExtraCare for a number years and over that time have seen at close quarters the quality of care it provides within its communities and the strength of the team behind the charity.
“ExtraCare’s model of independent living coupled with leisure and care facilities really works and we’re delighted to support its growth plans with this package.”