Highland care home group Parkland secures £20m finance deal
A Highland-based business is set to begin work on its most ambitious project to date, a 58-bedroom care home on the outskirts of Inverness, after securing a £20 million financial deal.
Independent care provider Parklands Care Homes, which is based in Grantown and operates across Highland and Moray, has worked with Triodos Bank UK to secure £20 million of sustainable finance for its nine existing homes, as well as its new multi-million-pound care project in Inverness.
Construction on the care home in Milton of Leys, Inverness, is expected to begin shortly. A new later living retirement village comprising 11 properties for independent living will be built alongside it, in the largest ever investment by the award-winning Parklands group.
The arrangement with Triodos Bank also covers a refinance of Parklands’ existing portfolio across the north of Scotland.
This includes the new Eilean Dubh care home in Fortrose, which opened in early 2021 and includes 40 ensuite rooms and community-focused facilities.
Parklands Care Home managing director Ron Taylor commented: “We are delighted to be working with Triodos, a bank with a great track record in sustainable and socially responsible investments. Our new partnership with Triodos gives us a platform for growth and means we can focus on providing additional care capacity to serve the needs of our growing older population.
“Our forthcoming investment in Inverness will be our largest and most innovative, combining the traditional model of residential care with independent later living support, and will provide an important economic boost for the city, generating new jobs and supporting the local supply chain. As we approach our 30th anniversary of caring for older people in the north, Parklands will continue to invest and innovate.”
Parklands was named the UK's best smaller care home group in the 2020 Care Home Awards and many of its homes have strong links with local communities, including nurseries, schools, churches and community groups, as well as providing jobs for local residents.
The business has also been investing in many of its older properties to improve their sustainability, including installing high levels of thermal insulation to maximise heat retention, installing energy efficient electricals, LED lighting and water saving devices. Parklands is also looking to transition to electric vehicles and introduce further energy and carbon reporting.
Rob Keegan, business banking regional manager for Scotland at Triodos Bank UK, said: “The social care sector is one which has a huge impact upon many families’ lives, and we’re pleased to support organisations like Parklands that are delivering compassionate, award-winning care. All of its homes are rooted in their communities and look to make a real difference to people across the north of Scotland.”
