Bankers back new care home venture

May 20 2009 by Peter McCusker, The Journal

COMMERCIAL bankers at the Royal Bank of Scotland provided a finance package for a new care home company to get off the ground.

Up to 80 jobs will be created when Rosewood Care opens a £5m luxury care home on the site of a former food warehouse in Gateshead in the New Year.

Afzal Ahmad and Ali Asghar, who founded the company, believe it’s a good time to move into the healthcare sector with more people living longer.

Mr Ahmad said: “We’ve just started, this is the first venture we’ll be doing. There is an ageing population. We have plans. We are working on a couple of possibilities but at the moment there is nothing concrete.

“There will be around 80 full and part-time jobs, recruitment will start in October and the home will open in January 2010. We are going well above all the standards. Hopefully, we will provide better care than is available already in the area.”

The finance package for the care home in Bensham was provided by RBS commercial banking’s healthcare team.

Mike Coster, associate director for RBS healthcare in Newcastle, said: “We are delighted to support the development of this care home. When completed, this will be a valuable resource for the local community, and I would like to take this opportunity to wish them well and look forward to working with them in the future.”

Healthcare is one of the few sectors continuing to thrive in the recession. The Journal reported last month that Chester-le-Street-based Gainford Care Homes, which operates 11 nursing and residential homes, is to create 300 jobs at five new homes.