Castle Square Corporate Finance has successfully advised First Blue HoldCo Limited (“First Blue”), on an eight-figure refinancing provided by Shawbrook Bank’s Healthcare Team.
Headquartered in Staffordshire, First Blue is a best-in-class provider of residential care and support to vulnerable children, aged between 8 and 16, with special educational needs. The business operates from ten high quality residential care properties, all located across Staffordshire and the Midlands.
The structured funding package provided by Shawbrook, refinanced out existing lender Thincats, as well as providing additional capital to fund the purchase of further properties as it looks to accelerate growth over the coming years.
First Blue was formed by CEO, Chris Smith in 2017, with the vision of establishing a market-leading children’s care business that provides vulnerable children with the opportunity to receive the support needed to develop into individuals capable of fulfilling their potential in life.
On behalf of the Management Team, Chris Smith said, “It’s pleasing to see completion of the group refinancing with the support of the team at Castle Square. We look forward to working with Shawbrook as our new funding partners”
Brad Green and Josh Stokes from Castle Square Corporate Finance advised on the transaction.
Brad Green, Partner at Castle Square Corporate Finance said, “Another great result for the team at First Blue which enables the Group to move into its next phase of growth. I suspect that Shawbrook will become valuable partners for First Blue as it continues to roll out high quality residential care services to vulnerable children across the UK”.
Kirk Wicking, Senior Director at Shawbrook said: “When the chance to collaborate with Chris and the team at First Blue Healthcare arose, we recognized the importance of acting quickly and offering a customized funding package to support Chris’s business goals. We look forward to working together in partnership to achieve these objectives.”
Midlands-based law firm, George Green LLP, led by Kam Johal and Heather Smith, provided legal services and advice to First Blue on the transaction.
Kam Johal, Partner at George Green LLP said, “We were delighted to support First Blue as its legal adviser in this significant funding round, and are really excited to see the Group’s continued growth and success as an invaluable provider of residential care services to young people in the UK”
Other advisers acting on the transaction included:
Hazlewoods LLP provided financial due diligence for Shawbrook
Fieldfisher LLP provided legal advice to Shawbrook
www.linkedin.com/company/castle-square-corporate-finance
www.firstbluehealthcare.co.uk
www.hazlewoods.co.uk
www.fieldfisher.com/en
www.shawbrook.co.uk/business/business-lending/healthcare/
www.thincats.com