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Parklands secures sustainable finance for expansion

21 October 2021

Parklands Care Homes has worked with Triodos Bank UK to secure £20 million of sustainable finance for its nine existing homes, as well as a new multi-million-pound care project in Inverness.

Construction on the new 58-bed care home in Milton of Leys, Inverness, is expected to begin shortly. A new later living retirement village comprising 11 properties for independent living will be built alongside the new care home, in the largest ever investment by the award-winning Parklands group.

The arrangement also covers a refinance of Parklands’ existing portfolio across the north of Scotland. This includes the new Eilean Dubh care home in Fortrose, which opened in early 2021. The state-of-the-art facility includes 40 ensuite rooms and community-focused facilities, with views across the Moray Firth.

The finance from Triodos Bank brings together two organisations that have worked across the care sector for over 25 years. Triodos has been a key lender to the sector, as part of its mission to fund organisations that offer high-quality, specialist care and support a better quality of life. Parklands has been caring for older people in the north of Scotland for almost three decades.

Ron Taylor, managing director of Parklands Care Homes, commented: “We are delighted to be working with Triodos, a bank with a great track record in sustainable and socially responsible investments. Our new partnership with Triodos gives us a platform for growth and means we can focus on providing additional care capacity to serve the needs of our growing older population.
“Our forthcoming investment in Inverness will be our largest and most innovative, combining the traditional model of residential care with independent later living support, and will provide an important economic boost for the city, generating new jobs and supporting the local supply chain. As we approach our 30th anniversary of caring for older people in the north, Parklands will continue to invest and innovate.”
Parklands incorporates family values into its approach to care – its vision is ‘our family caring for yours’ – and was named the UK's ‘Best Smaller Care Home Group’ in the 2020 Care Home Awards. Many of its homes have strong links with local communities, including nurseries, schools, churches and community groups, as well as providing jobs for local residents.

The business also considers the importance of the environment in its work and many of its older properties are currently being updated to improve their sustainability, including high levels of thermal insulation to maximise heat retention, installing energy efficient electricals, LED lighting and water saving devices. Parklands is also looking to transition to electric vehicles and introduce further energy and carbon reporting.

Rob Keegan, business banking regional manager for Scotland at Triodos Bank UK, added: “The social care sector is one which has a huge impact upon many families’ lives, and we’re pleased to support organisations like Parklands that are delivering compassionate, award-winning care. All of its homes are rooted in their communities and look to make a real difference to people across the north of Scotland.”