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Nursery group gets 6.5m to grow

Nursery group Caring Daycare has secured 6.5m from Barclays to fund its expansion, primarily across Surrey.

The group, which celebrates its 21st anniversary this year, currently has nine nurseries providing around 650 childcare places in Surrey and West Sussex.

The group plans to have opened a further three or four nurseries by the end of next year, through a mixture of development and acquisition.

Managing director Peter Churchley said, 'We traded very well during the recession and now we've taken the opportunity to secure re-financing at very competitive interest rates. This will give us the headroom to accelerate growth to buy individual acquisitions and small groups.

'Our move to Barclays Corporate was to find a partner who appreciated the consistency of our track record of profitable growth and was prepared to support us in taking advantage of further opportunities that have arisen as the economy emerges from recession,' he said.

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