Lowestoft care group will spend £150m to chase aggressive growth plans
A growing East Anglian care group has revealed a £150m warchest to help it to double in size by 2025.
Kingsley Healthcare, which has its head office in Lowestoft, employs more than 1,600 staff across the country and will open its 30th care home later this year.
Chief executive Daya Thayan said hitting its ambitious growth targets, which the company has called Vision 2025, would require a heavy cash injection to both buy existing care homes and build new ones.
And that investment is expected to create new jobs at the group’s Lowestoft headquarters.
Mr Thayan said: “Kingsley will be committing in excess of £150m for new-builds and the acquisition of existing high-quality homes in prime locations over the next four- to five-year period.
“An important part of our strategy is investing in our existing stock and we will be spending at least £20m over the same period to ensure we always have fit-for-the-future facilities.
“With this investment will come the creation of back-office-related employment opportunities in Lowestoft. We are delighted to be able to play our part in bringing well-paid jobs to the town.”
Since being founded at Oulton Broad in 1999, Kingsley has seen 32% annual compound growth in earnings before deductions. In its 2017 financial year, the group turned over £40m and its Vision 2025 strategy projects continued 20% annual growth.
Kingsley is preparing to open its 30th home later this year, Glebe Farm in Upton in Cambridgeshire.
The £3m development on a 5.5-acre site is modelled on its learning disability home, Decoy Farm in Browston in Norfolk, and will create 50 jobs in the area.
Work has also started on a £5m scheme to turn Eversley Nursing Home in North Denes Road, Great Yarmouth into a state-of-the-art facility. It will involve developing the neighbouring site of a disused hotel to create a 39-bedroom home, which will support 30 new jobs.
Ground will be broken on a £9m project in Brackley in Northamptonshire before the end of the year, which is expected to lead to 100 new jobs when it is commissioned in 2019.
News of the investment came as Mr Thayan was nominated for a national leadership award.
He has been nominated in the outstanding leader category of The HealthInvestor Power Fifty awards, presented at a London awards night in November – the fourth time in a row he has been shortlisted.