The loan from OakNorth will be used to support the acquisition of Belvedere Manor, an 84-bed purpose-built care home situated in Colne, Lancashire.

The facility, built in 2015, offers residential care and short-stay respite for adults living with physical disabilities and sensory impairments.

Keith Crockett, CEO at Lovett Care, commented: “OakNorth has been an invaluable partner to us over the past two years.

“Its tailored funding solutions and sector expertise mean we can continue to expand with confidence, whether that’s through new developments like our Upland Manor site in Manchester or acquisitions such as Belvedere Manor.

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“With its support, we’re able to realise the full potential of homes in our portfolio and provide even more residents with the high-quality care they deserve.”

Dale Cowdell, director of debt finance at OakNorth, added: “Lovett Care has consistently demonstrated strong operational expertise and an ability to enhance performance across its homes.

“This latest transaction builds on our strong relationship with the group, which began in 2023, and now spans numerous transactions.

“We’re delighted to continue backing Lovett Care’s growth journey and play a role in expanding access to high-quality care across the UK, particularly as the UK’s ageing population highlights the critical need for more specialist care homes.”