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06 August 2018

Charles Russell Speechlys advises Country Court Care on refinancing

Charles Russell Speechlys has advised Country Court Care, the nursing care home operator, on a re-financing with alternative investment manager Cheyne Capital including an additional £51 million development facility to fund a pipeline of seven new-build assets nationwide. The deal involved a complex corporate reorganisation to facilitate the group’s refinancing by Cheyne Capital, who will replace all lenders. As sole lender, Cheyne now replaces Barclays, Santander and AIB.
 
Country Court’s portfolio currently comprises 30 freehold care homes, with seven opened over the past two years. The company is owned in full by the Kachra family.
 
Al-karim Kachra, chief financial officer of Country Court Care, said: “ Being a family business, it has always been imperative for us to retain our core family values throughout the business and to have a partner that understands our ethos. In a sector that is constantly changing and encountering new challenges, this is especially important and Cheyne’s willingness to evolve and flexibility has proven that to us. We were delighted to be working again with the Charles Russell Speechlys team, whose expertise and agility were vital in navigating the various technical and commercial aspects of the transaction”.
 
Partner at Charles Russell Speechlys, Michael Lingens, commented: “ We thoroughly enjoyed working with the Country Court Care team again on this transaction, which further adds to our experience in the healthcare sector and with family-owned businesses.”
 
The Charles Russell Speechlys team, led by Michael, also comprised senior associate Chris Manning and associate Nathan Lightman from the corporate team, Banking partner Danny Sullivan, and associates Cara Fulker, Edith Lai and trainee Jamie Tilling, Property partner Mark Smith and  associate Ajay Rana, and Construction associate Rob Easton.

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