Parklands Group to expand after securing £5m in funding

The money will be used in part to support construction of a planned £6.5m "care hub" in Inverness

One of the north of Scotland's largest independent care home providers is to press ahead with expansion plans after securing £5m from investment fund BGF.

Parklands Group will use the cash to support the construction of a £4m 40-bed care home in Fortrose.

It will also be used for a new £6.5m "care hub" in Inverness, comprising a 48-bed care home and 16 assisted living suites.

It is BGF's first investment in the Highlands.

BGF provides growth capital to small and mid-sized firms in the UK and Ireland in exchange for a minority, non-controlling stake.

It was launched in 2011 by the government and the British Bankers' Association, and has so far invested more than £200m across 27 businesses in Scotland.

'Significant boost'

Parklands currently runs eight care homes across Moray and the Highlands, and employs about 550 staff who provide care and support for 300 residents.

Parklands managing director Ron Taylor said: "Our investment will create hundreds of new jobs in the region and deliver a significant boost to the wider economy.

"It will also ensure that older people can continue to live in their local community, keeping families closer together."

Last month, a Scottish engineering firm announced it was set for further expansion after securing £2.75m from BGF.

Glasgow-based Walker Precision Engineering, which specialises in making high-precision components for the aerospace, defence and industrial sectors, will use the cash to expand its business in the UK and Europe.