Published: Oct 18, 2015
Focus:
Growth Capital
The Greater Manchester Loan Fund (GMLF), managed by Maven Capital Partners (Maven), has completed a £0.45m investment in Marantomark Limited, an owner and operator of specialist care centres catering to high dependency service users.
Founded in 2000 Marantomark has two well-established care centres in Oldham (St. George’s Care Centre) and Warrington (St. Mary’s Care Centre), both with strong track records of resident occupancy and earnings generation.
The GMLF has worked closely with the company’s existing banking partner Lloyds Banking Group during this transaction to deliver a finance package which assisted the business with the recent opening of its third site, St Mark’s Care Centre, located in Sale. Funding from the GMLF, which is supported by the Regional Growth Fund, will provide working capital support allowing Marantomark to deliver on its strategic growth plans and it is estimated today’s deal could create more than 50 jobs in the Greater Manchester region. The first service users were admitted to the new site in August 2015 and the home is anticipated to contribute strongly to forecast revenue and earnings growth for the business over the coming years.
Marantomark care centres cater to service users of all ages requiring a more intensive level of 24/7 care as a result of enduring mental health issues, acquired brain injuries, early-onset dementia and challenging behaviours. Each home has been purpose built, to a high standard well in excess of minimum sector standards, in order to meet the specialist needs of its service users. The opening of St Mark’s will help boost the level of specialist clinical care options available in the local area.
David Wright, Investment Manager at Maven, said: “The new St Mark’s Care Centre located in Sale - Trafford, is a fantastic example of a modern and welcoming care facility, bringing greater flexibility and independence to the daily lives of its residents and their families.
Today’s transaction provides yet another example of how the GMLF is able to work in partnership with banks and existing lenders, providing complementary and flexible sources of capital to enable businesses like Marantomark to achieve their growth ambitions.”
Joseph Maximous, Managing Director of Marantomark, said: “2015 has been an exciting year for Marantomark with the development of St Mark’s Care Centre reaching completion. The opening of the Centre in Sale is a significant milestone, establishing Marantomark as a key provider of specialist nursing care in Greater Manchester and the North West. We are delighted with the support Maven have provided and look forward to working with an investment partner that recognises the value of the care industry and the job creation it can bring to the area”.
Mike Blackburn, chair of GM LEP, said: “Greater Manchester has a world-class healthcare community, at the heart of which is a dedication to providing quality care. Marantomark has proven itself to be a leader in this capacity, and as such is well placed to receive GMLF investment. We look forward to seeing Marantomark progress in Greater Manchester as they work to achieve their strategic growth plans.”
Leader of Trafford Council and GMCA Lead on Employment and Skills, Cllr Sean Anstee, said: “The investment from GMLF has not only enabled a fantastic facility to open in Trafford; adding additional and modern healthcare provision to the borough for people with complex mental health needs, it has also created a high number of jobs which is fantastic news for local people further boosting our employment and training opportunities."
