Oaknorth bank

OakNorth completes loan to buy and develop nursery

OakNorth Bank has completed a loan to Little Explorers Day Nursery to support the acquisition of an eight-bed detached house in Epping Forest and convert it into a nursery.

Before Covid-19, the Essex-based day care business operated at 90% occupancy.

Over the next 10-15 years, the company plans to open five more nurseries in strategic locations on the outskirts of London.

Lee Stimpson, director and founder of Little Explorers, commented: “We’re very excited about expanding our portfolio [and] it’s the first step into broadening it to several other nurseries in the next few years.

“…We were able to demonstrate Little Explorers has a successful track record pre-Covid-19, and our growth plans for the years to come. 

“As a sector that has been heavily impacted by the lockdown, I’m incredibly grateful for OakNorth Bank’s support during this time.”

Ben Barbanel, head of debt finance at OakNorth Bank, added: “At a time when most lenders are retrenching from the SME lending market, we’re still seeing numerous opportunities to support strong businesses with their growth ambitions. 

“Since the beginning of lockdown, we’ve approved over £110m in new loans, of which £40m are through CBILS. 

“This transaction provided an opportunity to support a nursery business with an excellent track record in terms of both quality and occupancy.”

Leave a comment