A new care home in Edinburgh, established by Care Concern Group, is raising £3 million from investors through Downing Crowd, a crowdfunding platform that invests in a wide range of UK business sectors.
Manor Grange care home, overlooking Carrick Knowe golf course in the Corstorphine area of Edinburgh, opened its doors in October with the original redevelopment and refurbishment having been funded by Downing Crowd’s wider investment business, Downing LLP. The sizeable new funds currently being raised by Crowd Bond investors will help support the ongoing operation and day-to-day running of the care home.
Downing and Care Concern Group have been working together for over four years to provide premium quality facilities, with Downing putting in more than £30 million of investment. Care Concern currently operates over 20 residential care facilities across the UK, with Manor Grange catering for 83 residents.
Julia Groves, head of crowdfunding, said: “Over a million people have now invested through a crowdfunding platform but, despite this popularity, the different kinds of crowdfunding tend to all get labelled as ‘extremely risky’. In fact, Crowd Bonds are a simple type of investment and, provided investors fully understand the relevant risks, they can offer attractive returns in the current climate of low interest rates and rising inflation.
“Manor Grange is the first of what we hope will be many opportunities in the residential care sector for Downing Crowd, as we see a lot of potential here to help encourage greater quality care for the elderly.”
Manpreet Johal, CEO, Care Concern Group, added: “Finding more traditional forms of funding is still a challenge for many businesses in both the care sector and beyond. We pride ourselves on providing the best possible care facilities and comfortable surroundings for our residents and thanks to the support of crowdfunding investors we are confident that Manor Grange will be able to deliver this high standard of service.”