Octopus backs Carebase

Private care home company Carebase has secured backing of up to £5.8 million from investment firm Octopus Ventures.

Carebase provides residential nursing care for people with dementia, and the funding is to finance a new care home for the elderly in Colchester. Since 1990, Carebase has purchased 8 care homes across South East England and East Anglia.

Matt Setchell, investment manager at Octopus comments: ‘What we liked about the deal with Carebase was the opportunity to introduce an asset backed structure into our portfolio, within a sector that has attractive characteristics.’

Alnur Dhanani, owner and executive chairman of Carebase says: ‘The investment from Octopus helps us accelerate our existing pipeline of developments.’

Octopus is an investment company with over £1.6 billion of funds under management, and invests between £500,000 and £6 million in a range of deals from early stage to buy-outs.

Law firms Martineau and Shoosmiths advised Octopus and Carebase respectively on the deal, with corporate finance specialist Nexus representing Carebase.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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