A North East family business is looking to create 300 new jobs and expand its care division after securing a £15m loan from HSBC.
Newcastle-based Malhotra Group, which owns a large portfolio of assets across the North East covering care, leisure and property, will use the funding to support its expansion plans.
The group currently has 1,000 beds across its care home division, Prestwick Care.
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It wants to double that to 2,000 over the next five years through a mixture of organic growth and acquisitions, creating around 300 jobs. It currently employs more than 1,200 people in the region.
Meenu Malhotra, chairman at Malhotra Group, said: “We’re delighted to be working with HSBC 海角视频 as we embark on the next phase of our growth strategy.
“We strive to be leading operators in all of our business segments and are confident that our new relationship with the bank will really benefit our strong standing as we expand and deliver improved care to the North East.”
Malhotra Group was established in 1991. Its care division now owns 16 care homes, most of which have been purpose built by the company.
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The group - which last year moved into new headquarters on Newcastle’s Grey Street - also owns a number of well-known pubs and bars, including Osbornes and Leila Lilys.
It recently competed a conversion of the Three Mile Inn in Gosforth to create hotel accommodation at the site and has been given planning permission for a £30m hotel, bar, restaurant, and nightclub development in a set of historic buildings on Grey Street, Mosley Street and Cloth Market.
Ben Foster, relationship director at HSBC 海角视频, said: “Malhotra Group is a great example of a successful family business with a clear vision and ambition for the future.
“The family have diversified into three distinct and successful divisions since starting out and we’re very pleased to be able to help them build on their achievements in the years to come.”
Newcastle law firm Muckle LLP worked on the refinancing transaction on behalf of HSBC 海角视频, while Womble Bond Dickinson (海角视频) LLP acted for Malhotra Group.
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