finance

Renaissance Care secures £30m investment for growth



Scottish care home entrepreneur Robert Kilgour has secured a £30m investment to help grow the number of care homes his group owns to 30.

The executive chair at Renaissance Care announced plans to spend around £14m on energy efficiency focused refurbishments, providing additional beds across its existing care home portfolio, as part of a three year growth plan.

He confirmed ambitions to double the group’s size, after securing new multi-million pound bank facilities and an initial £30m of acquisition funding.

The group, which currently operates 16 care homes throughout Scotland with around 1,200 staff, will spend more than £6m on major refurbishments.

This includes new windows, full LED lighting, improved insulation, new boilers and better heating controls, as part of an energy efficiency drive.

The group also revealed plans to spend £8m – subject to gaining planning permission – on six other projects, adding a further 56 new bedrooms, among other related improvements, at six of its existing care homes.

Due to all the new works, Renaissance currently has around 60 vacancies across the group and in all disciplines.

The group recently announced a full cultural review across its 16 homes, in response to exhaustion across the care sector following the pandemic. Staff across the care homes will now be offered a range of new benefits including flexible working, a pay review across all roles, and a health and wellbeing package.

The care home operator is additionally investing £500,000 on its operational management and accounting systems, to improve administrative processing for all staff.

Kilgour said: “This new investment is substantial but, in our view, vital in maintaining and improving the high standards at our homes.

“The last two years have been an incredibly tough time for residents, families and hard-working team members in care homes across the country and it is important to us that we provide the best possible care and facilities for our people.”

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