A Bristol entrepreneur has acquired his second car home business after securing a seven-figure funding package.
Ryan Somauroo has purchased the Little Croft Care Home in Oldland Common, South Gloucestershire for an undisclosed sum.
Mr Somauroo, the founder and director of Young at Heart Care Homes, has added to the portfolio he began by taking over the Bernash Care Home in Wells Road, South Bristol in 2016.
Little Croft offers residential, respite and mild dementia care, while 23-bed Bernash caters for people with dementia.
The care provider’s latest acquisition offers 41 beds and is currently undergoing redevelopment, which will include a new reception area and hairdressing salon.
Mr Somauroo, who previously worked in care homes during his previous career as a mental health nurse, has created two new jobs at Little Croft following the deal.
Mr Somauroo said: “If the staff are happy, the residents are happy and if the residents are happy, the families are happy.
“Two new jobs have been created and shift patterns have changed to give staff a better work-life balance. I also increased everyone’s wages to pay more than the national living wage dictates.
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“If you look after your staff then they will stay with you and that continuity is really important for our residents.”
Mr Somauroo added that Little Croft was the “perfect fit” for the Young at Heart Care Homes group, after it secured a ‘Good’ CQC rating, with the Bernash home having also received two ‘Good’ ratings.
The entrepreneur secured a loan from Unity Trust Bank to secure the deal. Paul Nugent, relationship manager at the bank, said: “With an ageing population, demand for good quality care homes is growing.
“Unity is proud to support experienced operators like Ryan, who is providing the highest standards of care for elderly residents and is committed to creating meaningful employment in the local area.”
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