A long-running care home has passed into the experienced hands of new owners, backed with the support of the Development Bank of Wales.
Cherry Tree Care Home opened in Caldicot in 1993, and has since been run by owners Hallmark. Following an extension in 2003, the home has 38 bedrooms and is licensed to provide nursing and residential care for 41 residents.
The home has now been taken on by Basanta Nepal and Bishwa Tara Ghimire, who have run Dreams Care Homes since 2021, with a seven-figure loan from the Wales Flexible Investment Fund. The couple had previously worked with the Development Bank to acquire Danygraig Care Home in Newport, and also run Ynysddu Care Home, near Caerphilly.
Basanta said: “We’re proud to be the new owners of Cherry Tree Care Home and are grateful for the support we received from the Development Bank in securing the home. The investment allows us to take on the running of the home and keep the current management team in place, while ensuring the home’s viability well into the future.
“I also liked the Development Bank’s approach to maximising the opportunity of us taking on the home in terms of continued employment, sustainability and the Welsh economy. I was glad that the relationship was so much more than just an impersonal online loan, and the support offered by Gavin at the Development Bank gave us a lot of reassurance as we went through the process of buying the home.”
Gavin Reid, Senior Portfolio Executive at the Development Bank of Wales, said: “Cherry Tree Care Home is an excellent business with a strong reputation, following more than 30 years of good management under the former owners.
“Our support allowed Basanta and Bishwa, who bring years of experience in the sector, to take on the home and ensure the standard of care and services provided there remains high. One of our core goals is to support growing businesses and entrepreneurs in acquiring successful ventures, and we’re pleased we were able to help make this deal as smooth as possible.”
The Wales Flexible Investment Fund offers loans, mezzanine finance and equity investment for deals between £25,000 and £10 million, with terms of up to 15 years available.
