A Newcastle-based childcare business that operates a group of nurseries in the North East has acquired a new nursery, with the support of a £210,000 loan from Lloyds Bank Commercial Banking.
Choice Childcare, established in 1992, recently acquired its fourth nursery, Southfield Day Nursery in Cramlington, to support its growth plan to either acquire or open a new nursery every two years.
The loan was used to support the acquisition of the premises, and plans are already in place to expand and renovate the current building, as well as upgrade the outdoor space to support the introduction of nature-based activities for the children.
The proposed expansion will include new rooms such as a break-out area which will be home to the addition of yoga and massage classes for babies, with plans to increase the number of places available for children from 35 to 60.
The nursery currently employs 10 members of staff, and will be looking to double this number if growth plans are approved, in addition to the 65 people already working across the three existing sites; Kenton Park Nursery School, Gosforth, Westerhope Village Nursey, Westerhope and Wallsend Day Nursery, Wallsend.
Ajeet Chadda, director of Choice Childcare, said:
“Despite our plans for growth and our success to date, our ethos is to always retain the homely and family-orientated environment in our nurseries, allowing us to tailor our provision to the needs of children in each setting. We want to expand across the North East and ensure we continually invest in ways that offer both children and parents the best possible experience.
“The support from Lloyds Bank has allowed us to progress our plans to grow the business, providing the highest quality childcare in the North East. We’ve had a great relationship with the team at Lloyds Bank for years. They have been very supportive of what we do and ultimately they understand how our business operates. It is not just the loan that they provided, but also tailored support to aid our business strategies and growth plans which has been invaluable.”
Andy Metcalfe, Relationship Manager for the North East & Yorkshire, said:
“Choice Childcare is a great example of a business that owes its success to understanding the needs of its customers and continually investing in its services. The addition of the fourth nursery is testament to Ajeet’s dedication to providing top quality childcare and having a strong business plan in place.
“We are committed to helping Britain prosper by supporting and providing guidance to businesses, like Choice Childcare, that are working hard to reach their growth ambitions. Since the start of 2011 alone, we have grown our net lending to SMEs by 32% whilst the market has contracted by 12%.”