The McGoff Group has secured a £13m funding facility from Virgin Money to support its luxury care home division, Dunham Care.
The five-year loan will support the continued stabilisation and long-term maturity of Herne Bay Manor, in Kent, the first care home setting for the new brand. It will also further strengthen the Group’s growing healthcare portfolio.
Herne Bay Manor represents the first operational setting for Dunham Care. The business currently has two additional care homes under construction in Bowdon, South Manchester, and Congleton, Cheshire, alongside a further 12 homes within the development pipeline.
The latest transaction refinances the original development funding provided by Octopus Real Estate, which supported the wider Herne Bay scheme, including the delivery of 50 Villafont Concierge retirement bungalows at Herne Bay Gardens.
The deal marks the beginning of a new funding relationship with Virgin Money, with both parties looking to build on the partnership as the Group continues to expand its development pipeline over the coming years. In addition to the forthcoming care homes in Bowdon and Congleton, a key focus for future growth remains the Southeast, where the Group is actively seeking to establish a strong cluster of care settings.
The funding was facilitated by Hive Capital Advisory, led by Nick White, who has now personally arranged more than £500m of debt funding across the care home sector, supporting the delivery of over 60 homes, in excess of 4,000 beds, and more than £750m in gross development value.
Commenting on the refinance, Nick White, Managing Director of Hive Capital Advisory, said:
“This transaction represents another significant milestone for The McGoff Group and reflects the continued confidence lenders have in high-quality later living and care home developments. Herne Bay Manor is an exceptional scheme delivered to an extremely high standard, and we are pleased to have facilitated a funding solution that will support the home through its next stage of growth and stabilisation. We look forward to seeing the continued expansion of Dunham Care as the platform grows its presence across the UK.”
Jonathan Russell, Relationship Director at Virgin Money, said:
“We’re delighted to have supported McGoff Group with their first operational home under the Dunham Care brand at Herne Bay, and look forward to building the relationship with them over the coming years.”
