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12/05/2014

Swansea care home expands with investment from Finance Wales

An award-winning care home for elderly and disabled adults in Swansea is expanding  thanks to a £900,000 investment from the Wales SME Investment Fund managed by Finance Wales.

Owned and run by Vitrose Ltd, one of Wales’ largest care home providers, the home offers specialised care to elderly and disabled residents as well as adults suffering from dementia and other conditions. 

Finance Wales’ investment will fund the completion of a purpose-built facility at Hengoed Park as part of Vitrose’s long-term expansion which will see the home’s current 100-bed capacity double to meet increased demand for its services.

Managing Director, Desmond Davies has successfully built the company up over the last 25 years.  His daughter and son have both joined the business and are now part of the management team.

Mr Davies believes that the investment is a significant step forward in the care home provider’s growth and future sustainability: “We’ve worked hard to build our reputation over many years.  We’re proud of the levels of care we provide and also the environment we create for our residents.  We’re very much a family business and many of our staff have worked for us since we first opened.

“Opening a new purpose-built facilty means we can offer more residents the high-quality care and accommodation that’s become our trademark and we can also meet the increase in demand that we’re seeing.  Finance Wales has supported us with a  funding package that has enabled us to accelerate our expansion plans and to do this in a sustainable way. They understand our commitment to the business as well as the financial and other pressures we face operating in such a heavily regulated environment.”

The home caters for a mix of private and publicly funded residents and boasts an excellent inspection record. 

Once completed, the new four floor facility will provide a modern, high-quality environment for residents and their families.

Vitrose plans to create up to 50 jobs in Swansea as a result of the expansion and increasing capacity will also help ease current local waiting lists.

The investment, which is one of Finance Wales’ first in Wales’ growing care sector, was structured by Investment Executive, Sam Macalister-Smith. He said: “Many of the professional services businesses we meet  are well established and have built their reputation over many years.  Added to this they have excellent customer and supplier relationships and benefit from stable revenue streams and strong cash flow.

“Vitrose fits this mould. Desmond and his team have developed a robust business model over the years and Finance Wales is pleased to back their expansion plans.  The new Social Services and Well-being Bill (Wales) is a landmark for Wales and Vitrose will be well placed to play its part in providing sustainable services in future.  We’re keen to explore how we can back other care home providers in Wales.”

The Social Services and Well-being (Wales) Bill recently completed its legislative passage through the National Assembly for Wales and is expected to transform care and support in Wales.

Finance Wales’ investment was made from the £40m Wales SME Investment Fund, backed by the Welsh Government and Barclays.