Glasgow property developer lands funds
A Glasgow-based property developer has secured a fresh €40 million (£36m) funding package to expand and develop its recently launched care home and retirement living division.
The funding from an un named European inv estor, which is subject to a nondisclosure agreement, is in addition to the £50 m or so that Simply UK has received over the past two years. It will be used to facilitate further expansion of the Morar Living portfolio of“state-of-theart” care homes in Scotland and across the rest of the UK.
Simply said it had ambitious growth plans and was targeting having more than 1,000 beds across the UK by the end of 2022, with 350 beds coming to the market in 2021 and a further 500 during 2022.
Managing director Gary Sharp said: “With the backdrop of Brexit, securing overseas investment is an enor - mous shot of confidence in the Scottish healthcare and senior living market.
“This additional funding highlights the continued confidence that investors have in our business. It will provide the necessary finance to enable Simply to launch, sustain and develop high quality care homes through Morar Living. We aim to secure further funding in the region of £100 mover the next two years.”
Linda Meston, director of care at Morar Living added: “Our strict non-covid admission policy, along with a range of other health and safety measures, including thermal imaging, temperature checks and air flow management has ensured the health and wellbeing of our residents.”