Spotlight on Mark Hickman of Chandler & Co.
The Digital Journey
We are witnesses to the continued innovation of the care sector with the Government target for 80% of care services to be digital by March 2024. Chandler & Co. is a main sponsor of Ownacarehome which has partnered with leading specialists in the care home and wider care sector to provide added value solutions to care providers. Nourish, an industry expert, continues to evolve its digital care management software in the UK.
Digital has gone further than care planning with innovation extending the facilities available. When we support care home providers seeking to enter the care sector or grow into multiple sites it is normal for a lender to request a business plan with operational financing or refinancing a part of our broker service as a care provision seeks to evolve with the times, and funding for digital innovation is all part of the transformation journey.
CQC and the new ways of working
Care homes are currently being inspected against the current assessment framework with the new Single Assessment Framework timed for phase in this Autumn. The CQC new inspection model will be a phased introduction with emphasis on safety cultures and continuous improvement.
As expert brokers in the care home sector we will be monitoring how the new CQC framework and more fluid ratings interacts with lenders financing the care sector. As trusted partners we support care home buyers understand how the financing journey interacts with CQC ratings and inspections with industry experts on hand should a care home provider need further assistance.
To keep evolving with the transformation of the care sector we offer guidance when a care home provider requires operational funding. This is in addition to capex funding and it is not unusual for a finance package to include both with a refinance of an existing care home and the purchase of another care home.
New care home developments
New care home builds as reported in the Carterwood Market Movers 2023 report, demonstrates the continued demand for the care home and retirement living sectors with a rapidly ageing population. The report states: ‘As ever, the elderly care home market in Great Britain demonstrates strong fundamentals: we have a rapidly growing elderly population and a significant shortfall in fit for purpose, futureproofed accommodation.’
Refurbishments & extensions of existing care homes
Whether a new build, a care home extension or a refurbishment part of the sustainability of t.he care home sector, covering the whole spectrum of care services, at some point in the care provision tends to require additional funding. At Chandler & Co recent financial instructions and completions have included:
- Terms offered for purchase of two care home
- Refinance of existing care home and mortgage on second
- For an expanding care home group
- Refinance of an existing care home
- Terms agreed for care home asset purchase
- Terms agreed share purchase
- Specialist care home loan drawn
Testimonial (source Chandler&Co website)
“Lenders are taking their time and being a lot more thorough with their requirements, however Mark was able to place us with the right lender and with the right relationship manager. This level of knowledge of us and our business is priceless and will help us grow our business long term. Anyone who needs assistance with finance within the care sector should have Chandler & Co. at the top of their list.” (A care home owner)
‘Chandler&Co have been specialist care home mortgage brokers since 1995, with an enviable list of contacts and the experienced team can provide you with a bespoke package, not just assisting with arranging your care home mortgage or loan but offering expert help and guidance every step of the way.’
We are often asked where the sector is on its ESG journey. Currently the corporate sector has had to take on board the green journey at a faster pace with financial reporting evolving measurements. The rest of the care sector is beginning its carbon reduction journey, albeit at a currently slower pace. There is continued interest in alternative heating sources, partly driven by the cost of living challenges with new builds, extensions and refurbishments building in sustainable practices into the projects.
Care home Succession planning
As part of the lifecycle of a care home business preparing a care home for sale can involve a refurbishment to present the care service in the best light for a potential buyer. This could require additional financial support and lenders would require the project timeline and loan repayment period as part of the financing application process.
How a care home broker specialist works with care home providers
At Chandler&Co the start of a care home acquisition can be a short or a long journey and as specialist care home brokers our ethos is to go above and beyond to support prospective and existing care home owners throughout their care home acquisition journey and beyond.
Chandler & Co are founder members of Buyacarehome and Ownacarehome with the purpose of introducing new and multi site care home operators to the availability of care homes for sale, in addition to experts in the care sector assisting in the buying and funding process with post acquisition support.
With established and reputable care sector experts within the Buyacarehome and Ownacarehome networks care home providers are supported throughout the ownership of the care home helping the care provider to offer a sustainable care service for the long-term.
With weekly updated news channels on the buyacarehome and Ownacarehome websites information and access to guidance is readily available for care providers as part of the group.
The values and mission of the group continues as an added value partner for care home operators across the UK with a wealth of extensive experience built up across the industry experts over many years.