Newcastle nursery group acquires three new sites with six-figure funding
A North East business has announced that it has acquired three children’s day nurseries after securing a six-figure funding package.
Nurserytime, based in Newcastle, has secured its first three sites, in Willington, South Shields and Hebburn following a funding package from Lloyds Bank.
Together, the three sites have a capacity of more than 250 nursery places, with the business expecting a post-lockdown increase in demand.
All 54 staff members currently based at the nurseries will remain in employment and Nurserytime has created a further 11 jobs.
Catherine Barrow, area manager at Nurserytime, said: “We’ve been exploring options to expand our business for some time and decided there was no time like the present to press ahead with our plans.
“The support from Lloyds Bank was invaluable, making the takeover completely smooth and keeping the sites operational for children and families in Newcastle and County Durham.
“Now, we’re in the early stages of negotiations for a fourth site in the North East – we’re keen to keep momentum going and continue to actively look for further sites!”
Danielle Fraser, relationship manager at Lloyds Bank, said: “The pandemic has caused considerable disruption for nurseries across the country with lockdown restrictions and social distancing measures forcing many nurseries to temporarily close their doors.
“Despite this, recent research from Christie & Co* found that the number of nursery acquisitions in 2021 has been on the rise and the removal of lockdown restrictions and the return of office working for many families means that demand for childcare is set to increase significantly.
“Nurserytime’s recent expansion, therefore, comes at a time when the childcare sector is bouncing back and we’re looking forward to seeing the firm continue to grow this year.”
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