A £52.5 million funding package to help the UK’s largest not-for-profit mental healthcare charity expand into a new hospital has been agreed in Birmingham.
St Andrew’s Healthcare will use the funding package to support its continued expansion and the development of a brand new hospital building at its existing site in Northampton.
The Birmingham office of Lloyds Bank Wholesale Banking & Markets arranged the funding to facilitate the construction project, which is expected to begin during 2013.
St Andrew’s Healthcare employs more than 4,000 staff across its four operations located in Birmingham, Northampton, Nottinghamshire and Essex, leading innovation in mental health.
The plan for a new 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.
Nigel Alcock, chief finance officer at St Andrew’s Healthcare said: “Despite challenging financial forecasts for independent mental healthcare providers, St Andrew’s reported an increase in turnover by over five per cent last year to £169 million. 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.”