The family-run childcare provider, headquartered in Coventry, has bought Thornhill Nursery, a Victorian house in Derby with places for 44 children.
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The group refinanced its banking facilities with HSBC UK to receive a £1.65 million finance package including a £1.4m refinance of the business’s existing facilities and a £255,000 business loan.
The deal is part of HSBC UK’s £500million lending fund to support small and medium-sized enterprises in the East Midlands.
Tommies Childcare celebrated its 20th anniversary in 2018. It has eight sites in Coventry, Warwickshire, Nuneaton and Derby with a total of 398 registered places.
Thornhill is Tommies' first acquisition in Derby and is part of the group’s wider geographical expansion plan to include cities such as Nottingham, where the nursery group is currently looking for its ninth site.
Caroline Fooks, chief executive officer and founder of Tommies Childcare, said, ‘It has been 20 years since we opened our first site and to see where the business is now makes me so proud. Our ambition is to continue to grow the business by acquisition and we feel confident that our new banking partner, HSBC UK, will help us achieve this.’
David Tomlinson, area director of East Midlands HSBC UK, added, ‘Caroline and her family wanted a flexible finance package and we were well placed to assist. It’s an exciting time for the business as they move into a new area and continue to look at new cities to expand the business into. It’s great to have them on board and we look forward to working with them over the coming years.’