Tommies Childcare Ltd, an award-winning childcare provider, headquartered in Coventry, has acquired its eighth nursery after refinancing its banking facilities with HSBC UK.
The £1.65 million finance package from its new banking partner includes a £1.4 million re-finance of the business’s existing facilities and a £255,000 business loan. The family-run childcare provider used the new loan to support the acquisition of Thornhill Nursery, a Victorian house in Derby which has the capacity to look after 44 children.
Thornhill is Tommies’ first acquisition in Derby and is part of the business’s wider geographical expansion plan that includes cities such as Nottingham, an area that the business is currently looking at for its ninth site. HSBC UK’s flexible finance solutions will allow the business to continue to grow by acquisition across the Midlands region.
Caroline Fooks, Chief Executive Officer and Founder of Tommies Childcare Ltd, said: “It has been twenty years since we opened our first site and to see where the business is now makes me so proud. Our ambition is to continue to grow the business by acquisition and we feel confident that our new banking partner, HSBC UK, will help us achieve this.
“We would like to thank our Relationship Manager at HSBC UK, Will Simpson, who has helped us throughout the switch and we look forward to working with him in the future as we expand the business.”
David Tomlinson, Area Director of East Midlands, HSBC UK said: “Caroline and her family wanted a flexible finance package and we were well placed to assist. It’s an exciting time for the business as they move into a new area and continue to look at new cities to expand the business into. It’s great to have them on board and we look forward to working with them over the coming years.”
Tommies Childcare Ltd celebrated its 20th anniversary in 2018 and is recognised as one of the top 10 most recommended mid-size nursery providers in the UK. It has eight sites in Coventry, Warwickshire, Nuneaton and Derby, between them accommodating 398 children. The business has plans to grow this figure in 2019.
This deal is part of HSBC UK’s £500 million lending fund to support small and medium-sized enterprises (SMEs) in the East Midlands.