St Andrew's Healthcare has secured a £52.5m funding package to support its continued expansion and the development of a new hospital building at its existing site in Northampton.
The Birmingham office of Lloyds Bank Wholesale Banking & Markets arranged the funding to help with the construction project, which is expected to begin during 2013.
The not-for-profit mental healthcare charity employs more than 4,000 staff across its four operations located in Birmingham, Northampton, Nottinghamshire and Essex.
St Andrew's Healthcare offers specialist services for men, women, adolescents and older people with mental healthcare needs, learning disabilities, brain injuries and progressive and neurodegenerative conditions.
Its existing Northampton facility is home to more than 600 service users. The development of the 90-bed psychiatric hospital building forms part of St Andrew's Healthcare's continuing growth ambitions and will include new facilities for service users placed by NHS customers.
"Despite challenging financial forecasts for independent mental healthcare providers, St Andrew's reported an increase in turnover by over 5 per cent last year to £169m," said Nigel Alcock, chief finance officer at St Andrew's Healthcare.
"As a charity, it is essential that any financial agreements we enter into are right for our long-term commitment to care for as many people as possible. We are in a very different position to some private companies and that's why we believe that the charitable model offers huge potential for the sector.
"The funding from Lloyds Bank will help us to maintain the great results we have achieved by reinvesting in the future of mental healthcare over the last few years and we are delighted to have finalised the deal with David Hykin and the team, who have been fantastic to work with."
Over the past ten years, St Andrew's Healthcare has reported consistent growth and a significant rise in market share, following the completion of a £200m development and refurbishment programme across all four sites in the UK.
The entire development project is scheduled for completion, subject to detailed planning permission, by the end of 2014.
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