Nuffield Health announces refinance package
Nuffield Health announces new refinance package, £250 million refinance package agreed, Levels of debt reduced, Strong performance reported for 2008
29 July 2009 – Nuffield Health a registered charity and the largest not-for-profit independent healthcare provider in the UK has secured a £250million refinance package from a consortium of banks including The Royal Bank of Scotland , Barclays Commercial Bank and Allied Irish Bank.
The funding enables Nuffield Health to refinance its debt and provides the organisation with additional headroom for future requirements to support the ongoing implementation of its innovative healthcare strategy. The organisation remains strongly placed in the market and is underpinned by a robust financial position which will allow the business to continue to develop over the coming years.
David Mobbs, Nuffield Health Group Chief Executive explains; “The funding from the banks provides us with the flexibility to pursue our strategy and demonstrates their support and commitment to our vision of integrated healthcare provision. At a time when banks continue to be criticised for their lending capabilities, our existing banking syndicate worked diligently and closely with us to deliver the appropriate funding structure.”
Alexander Harrison, Director Strategic Debt Finance, Barclays Commercial Bank said: “This is excellent repeat business for Barclays Commercial Bank, reinforcing a relationship built with the company over 52 years and together we have delivered a financial package to support their long term growth ambitions. Nuffield Health has a strong and differentiated strategy in the healthcare market and importantly in the current economic climate they also have a very strong balance sheet with a low ratio of debt relative to the sector further reinforcing their market position”.
Peter Russell, Head of Healthcare, UK Corporate Banking at RBS added; “We are delighted to provide ongoing support to one of our long standing customers and provide the necessary headroom for future growth. Following our involvement in the acquisition of Cannons Health & Fitness, Nuffield Health continues to build upon its reputation and promote health and wellbeing in this country in new and innovative ways.”
Nuffield Health has published its Annual Report and Accounts for 2008 which highlight strong financial performance in challenging markets. Turnover increased by 15% to £581m, earnings improved by 9% to £70m and debt levels were reduced by £111m to £226m.
David Mobbs added; “In addition to our strong financial performance, we continued to work hard on the implementation of our integrated healthcare strategy. The launch of the new Nuffield Health brand has been supported by continued investment in new and existing infrastructure, facilities and services and through the innovative partnerships and engagement with health professionals. We also remain at the forefront of the sector for quality, safety and clinical outcomes”.
Nuffield Health
Nuffield Health is the UK’s largest healthcare charity, providing health and wellbeing services through its national network of over 200 hospitals, wellbeing centres, workplaces and local authority facilities. Nuffield Health also has the largest network of physiotherapists outside the NHS. Since 1957, Nuffield Health has helped millions by putting the quality of care and satisfaction of individuals at the heart of what it does. Since 2008, it has been pioneering a new approach to consumer health by integrating fitness, prevention and cure across its different services and facilities under a single brand, governance and management structure.
Nuffield Health is a registered Charity no. 205533 and is regulated by the Charities Commission to ensure its activities meet the charitable requirement set out in Charity law.
Nuffield Health’s latest Annual Report & Accounts
