Dorset care provider Avatara has secured a £1.5m refinance and acquisition funding package to reopen a care home near Dorchester.
The company used the funding from alternative lender ThinCats to acquire a previously closed home in Winterbourne Steepleton, which will be re-opened as Casterbridge Lodge.
The new care home, which will provide 34 rooms, will have a similar ethos to Avatara’s Casterbridge Manor property (pictured) in Cerne Abbas.
Casterbridge Manor is a 62-bed purpose built care home acquired by Avatara in 2016.
"Casterbridge Manor is a very well-loved care home by our residents, their families, and our staff, and we are looking forward to launching Casterbridge Lodge, enabling us to offer the same amazing level of care and attention to even more residents,” said Avatara director Chetan Borkhatria, who co-owns Avatara with wife Suri Kalyan.
"Chandler & Co has done a great job in recommending ThinCats, and we are delighted that the funding has been finalised,” he added.
Chandler & Co. senior broker Sean Hurden said: “Chetan and Suri have a reputation for turning around failing or distressed homes and Casterbridge Lodge will complement their existing home extremely well.”
