A BATLEY-based businessman has secured a £67m funding boost for his new care home operation.
LNT Group, led by high-profile entrepreneur Lawrence Tomlinson, has agreed funding from three global banks to support its new Ideal Care Homes operation and propel the rest of the group forward during 2010.
The funding package comes from long-term group financier The Royal Bank of Scotland, Israeli Bank Leumi and Yorkshire Bank.
Mr Tomlinson, who founded LNT Group in 1990, has a 25-year history in the care sector.
Ideal Care Homes aims to deliver high quality care and hotel-standard accommodation.
The care homes will operate mainly in the North and Midlands – with 11 of them opening in the next 12 months.
The homes will be designed, developed and built by sister firm LNT Construction, which has spent £20m on 30 development sites in the last two years.
Using some of the banks’ funding, it will now acquire a number of locations for care home development over the coming months.
LNT Construction has lifted turnover by 80% despite the recession and has also featured in the Sunday Times Fast Track 100 over the past two years.
Mr Tomlinson said: "This is a significant funding package by anyone’s standards.
"I’m delighted that the banks involved have seen Ideal Care Homes as a strong business proposition, underpinned by incredible value for money for our residents.
"Ideal is a fantastic addition to our portfolio of businesses.
"It has a unique partnership with LNT Construction and together they offer an entirely holistic approach to the provision of care."
Mr Tomlinson added: "LNT Group has weathered the recession well and I’m confident that 2010 will see us expand to new levels."
Adrian Rowles, director of Royal Bank in Scotland in Leeds, said: "The healthcare sector is a growing market and it is presenting shrewd operators with a number of business opportunities.
"We have worked closely with Lawrence and his team so we understand their business strategy."
Mr Tomlinson studied engineering at Huddersfield Technical College and Bradford University before going into business.
Along with construction and care homes, LNT Group has interests in property valuations, software, aviation, motor racing and electrical and mechanical contracting.
Earlier this year, Mr Tomlinson was listed in 178th place in the latest Sunday Times Rich List of the UK’s wealthiest people with an estimated fortune of £300m.
He moved up 36 places from his place at 214 in last year’s list – the position now occupied by the Queen!