Marble Arch Investment Group receive Covid-19 support from Cynergy Bank
Marble Arch Investment Group, a company that owns and operates Pentwyn Care Nursing Home in Cardiff and through its sister company a residential home in Derbyshire, has received a Coronavirus Business Interruption Loan Scheme (CBILS) facility loan from Cynergy Bank.
Delivered through British Business Bank accredited lenders, CBILS is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
The newly negotiated £2.465m loan from Cynergy Bank enabled the group to refinance existing bank debt, and provide funding toward the purchase of Caerleon House, a 51 bed Nursing Home in Newport, Wales.
Satyen Shingadia, commercial banking relationship manager at Cynergy Bank commented: “We were delighted to have concluded this transaction with Marble Arch Investment Group. The group have built a robust and solid business with high performing assets and they typify all that is good in a well-led business. As Covid had a significant impact on the group, we were pleased to have been able to utilise the British Business Banks Coronavirus Business Interruption Loan Scheme to complete the re-finance and provide funding to acquire the new home. We very much look forward to working with the group in the future.”
Sanjiv Sheth and Prashik Mamtora at Marble Arch Investment Group commented: “Marble Arch is thrilled to have partnered with Cynergy Bank to conclude the financing to purchase Caerleon House Carehome. Despite the extra-ordinary global circumstances, Cynergy Bank was able to deliver on providing the funding in a timely manner. The dedication of the entire team to ensure the transaction successfully completed is a notable achievement, and Marble Arch looks forward to partnering further with Cynergy Bank on future transactions.”
