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Flint Bishop and Smith Cooper help MPS Care Group with corporate finance and commercial property deal

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Corporate & Finance and
Commercial Property News

Corporate Finance legal specialists Flint Bishop and accountants and business advisors Smith Cooper, have helped national nursing home provider MPS Care Group buy eight nursing homes from its former landlord, Quercus Healthcare. They have also helped them to refinance their existing portfolio of homes and freeholds in a deal worth over £16.5m.

The Group, which is owned by successful care home operator Paul Warren-Gray, has care homes across the United Kingdom and Northern Ireland and over 650 staff.

The complex corporate finance transaction involved a group reorganisation, the refinancing of existing National Westminster debt with Barclays Bank Plc and further facilities to help MPS Care Group buy the homes.

Flint Bishop’s corporate finance team project-managed the transaction, led by Head of Corporate Finance Ran Oren and associate Martyn Brierley. In the course of the complex transaction they drafted over 300 reorganisation documents and negotiated a suite of more than 40 refinance documents. By employing their project management and corporate finance expertise, they were able to deliver the required results with minimal stress and pressure throughout the process.

In addition to corporate finance support, Flint Bishop’s specialist commercial property team, led by Partner Lewis Rose OBE handled the purchase of the eight properties.

Smith Cooper’s Business Advisory Partner David Nelson, supported by Senior Manager James Delve, led negotiations with Quercus Healthcare on behalf of MPS Care Group and project managed the application for the refinance with Barclays Bank Plc, which included discussion on financial covenants. The accountants also provided expert advice on the restructure, obtaining tax clearances from HMRC.

Anderson Strathern acted for Quercus whilst DLA Piper advised Barclays.

MPS Care Group’s Chair, Paul Warren-Gray, together with Managing Director Chandler Warren-Gray and Financial Director Lloyd Young said: “We want to jointly voice our thanks for the way that the legal aspect of the transaction, led by Ran Oren, Head of Corporate Finance at Flint Bishop and Lewis Rose, in addition to their respective teams, was handled; coupled with the advice, expertise and abilities of David Nelson, Business Advisory Partner and James Delve and their colleagues at Smith Cooper who all, working closely with MPS Care Group’s staff, enabled the whole transaction to be executed in an efficient, smooth and trouble-free manner.”

Flint Bishop’s Head of Corporate Finance Ran Oren says: “I have been working with Paul and MPS for over eight years and am confident Paul and his management team have secured a strong future through this refinance and the acquisition of the properties. The MPS group now owns all its trading premises and is in better control of its destiny.”

Smith Cooper’s partner, David Nelson says: “This transaction represents the successful execution of an 18 month strategic plan, in which we have worked alongside Paul and the board in building both scale and financial security into the Group’s trading operations.  I am delighted that the Group which excels in its Care Provision now has the security and backing of a bank which understands both the Group’s current and future vision.”

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