St Andrew’s Healthcare raises £30m funding for further national expansion
Posted on 16. Aug, 2010 by editor in Business News
Northampton headquartered St Andrew’s Healthcare the UK’s largest not-for-profit mental healthcare charity has raised a further £30 million of funding from RBS to continue its expansion of services across the country with the aim of treating more patients in specialist facilities closer to home.
The charity has recently opened a new 128-bed unit in Birmingham providing men’s mental health services, which is already treating more than 100 NHS patients. It will shortly be opening a 70 bed facility in Nottinghamshire to care for men with learning disabilities and/or autistic spectrum disorders. An additional 130 bed mental health unit in Northampton will provide further specialist services for deaf people, older age groups, people with Asperger’s and young adults.
Duncan Orme, finance director, St Andrew’s Healthcare said: “We are pleased to announce this latest increase in our development funding which will allow for further expansion of our nationwide services.”
The Charity’s turnover grew last year by 17 per cent to £154m, and will approach £200m as its latest new services open. The deal takes St Andrew’s total facility with RBS to £66m, allowing the Charity to meet the needs of individuals who require specialist care in appropriate facilities.
Mr Orme, formerly an NHS finance director, added: “Given such challenging times for the NHS and for capital markets, RBS has recognised the Charity’s excellent performance, its unique position and demonstrable expertise to develop innovative niche services and new markets in the field of mental healthcare.”
Steve Simpson (pictured), director of structured finance, RBS said: “We have a long-standing relationship with St Andrew’s, which has allowed us to fully appreciate the business dynamics and continue to support its impressive development. We are pleased with its success and excellent reputation in the mental healthcare space, and the new funding package should position it to achieve further medium term expansion.”
Professor Philip Sugarman, chief executive officer & medical director of St Andrew’s said: “St Andrew’s is already the national leader in specialist mental healthcare, and the largest supplier of charitable services of any kind to the NHS. We have several new national services and regional sites under development. The Charity is now a flagship teaching hospital and a unique model of social enterprise, with the skills to bring real value to the NHS. We look forward to the changing landscape of public healthcare with confidence”
