A Northampton-based mental healthcare charity has secured £52.5m of funding from Lloyds banking group, to invest in the expansion of its hospital, and to develop a new building.
The Birmingham office for Lloyds attributed the money to St Andrew’s Healthcare, which is the largest provider of NHS care in the UK’s third sector.
Starting in 2013, the charity will develop its Northampton site, which currently cares for over 600 patients of all ages with mental healthcare needs, learning disabilities, brain injuries and progressive and neurodegenerative conditions.
Funding will be used to create a new psychiatric hospital for up to 90 patients, as well as new facilities for NHS customers.
The charity hopes to establish an even stronger foothold for itself as the UK leader in the healthcare charity sector, and as the country’s only independent national teaching hospital.
St Andrew’s hopes to complete the construction project by the end of 2014 to add to its consistent growth record over the last ten years, which includes a £200m development and renovation programme across four UK sites.
Commenting on the project, David Hykin, the Relationship Director at Lloyds, said: “St Andrew’s Healthcare has delivered a strong track record of growth in recent years, demonstrating the strength of its balance sheet and its future potential.
“Charities represent an important part of Lloyds Bank’s mid-market customer base and we are keen to support Not for Profit organisations with what can often be a diverse banking product range.”
Nigel Alcock, Chief Finance Officer at St Andrew’s Healthcare said: “St Andrew’s reported an increase in turnover by over 5 per cent last year to £169m.
“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.”