Avante Partnership to raise £5m bond for 75-bed care home on Sheppey

Chief executive Cedric Frederick says the bond will help the organisation build modern dementia care facilities

Cedric Frederick
Cedric Frederick

The Social care charity the Avante Partnership has announced plans to raise a £5m bond to build a new 75-bed care home on the Isle of Sheppey, off the Kent coast, that will look after people suffering from dementia.

The charity is working with social lender the Triodos Bank to raise a five-year bond that will pay 5 per cent a year fixed interest. Investors will receive their capital back at the end of the period. The minimum investment is £2,000 or £500 for Avante employees.

Avante, which has a turnover of £31m according to its latest accounts, is one of the largest social care providers in south-east England and already runs community services and 15 care homes, providing support for about 2,700 people a year.

Cedric Frederick, chief executive of the Avante Partnership, said that demand for high-quality care services for the elderly continued to grow rapidly.

"Through the proceeds of our bond issue, we intend to continue our important charitable work by investing in new modern dementia care facilities that will help improve the lives of our residents and staff," he said.

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