Day nursery operator Lowdan Holdings, which trades as Mereside Farm Children’s Nursery, has acquired Inglenook Nursery School in Birmingham, which has capacity for 55 children aged three months to five years olds, for the asking price of £725,000.
The acquisition is the first for Lowdan Holdings, whose spokesman Alan Lowe said: “We had been looking for some time to purchase another nursery and felt the location, size and potential of Inglenook was what we were looking for. It fits in nicely to our portfolio as it is performing nowhere near its potential and we intend to renovate and rejuvenate the site, extending it slightly while redesigning the layout to make fit for purpose.”
Business property advisor Christie & Co announced the sale, funding for which was sourced through Christie Finance.
David Ward, senior director at Christie Finance, said: “I am really pleased to have supported [purchasers] Alan and Ruth with their expansion plans and am delighted that we could not only find finance for them, but managed to fund it under the CBILS scheme [Coronavirus Business Interruption Loan Scheme], which resulted in many cost savings. This was not a straightforward purchase, but we were able to provide a vital link between the buyers and the lender which enabled the purchase to complete.”
Date published: 1 March 2021