KPMG UK’s debt advisory crew has helped full a refinancing deal for Nuffield Well being. The brand new package deal will present the charity with the soundness wanted to proceed delivering dietary assist to hundreds of thousands of individuals throughout Britain.
Because the UK’s largest healthcare charity, in 2021 Nuffield Well being helped greater than 1.2 million folks to reside more healthy lives by means of. The charity operates through a community of 37 hospitals, 114 health and wellbeing centres, medical centres and office wellbeing services. It additionally gives a spread of free-to-access neighborhood programmes, corresponding to our award-winning programme to assist an ever-growing variety of people who find themselves discovering it troublesome to get better from the long-term results of Covid-19.
Nevertheless, to take care of this community, Nuffield Well being wants a stable monetary base. With charities throughout the UK to satisfy with demand whereas the legacies of austerity and lowering client spending energy imply they’re brief on donations, Nuffield Well being sought to refinance its operations, and stabilise its platform.
Leveraging the charity’s sturdy property portfolio, the five-year refinancing package deal makes use of a mixture of financial institution services and property financing on 10 hospital websites. On the identical time, it varieties a part of a brand new environmental, social duty and governance (ESG) technique, alongside an purpose to additional scale back carbon emissions with a purpose to be carbon internet zero by 2040. If targets regarding our gender pay hole, carbon emissions and social return on funding are met, the organisation will qualify for a sustainability-linked rebate on the rate of interest paid on its financial institution services. Every of those targets might be monitored by impartial third-party organisations.
Nuffield Well being’s Chief Monetary Officer, Jenny Dillon, stated, “We wish to thank all of our companions for his or her assist in finishing this refinancing package deal. At a time of financial uncertainty, the preparations introduced at present exhibit our lenders’ confidence in Nuffield Well being and our future ambitions. Sustainability is a core a part of our objective to construct a more healthy nation, so we’re happy to have agreed new environmental, social duty and governance (ESG) targets with accountable lenders inside these preparations.”
World financial institution HSBC supported Nuffield Well being to outline these sustainability targets, which at the moment are linked to financial institution services with 4 main lenders: NatWest, HSBC, Barclays and Santander UK. Music Capital in partnership with Alpha Actual Capital additionally supplied a long-term property financing association for the ten hospitals.
Nuffield Well being appointed KPMG to assist on debt advisory. A crew from the Large 4 skilled companies agency suggested on the refinancing package deal.
Simon Mower, Debt Advisory Director at KPMG UK, commented, “We’re delighted to have suggested Nuffield Well being on their new financing package deal, which supplies them a robust platform from which to ship their charitable targets. Their objective is centred round constructing a more healthy nation, with a transparent concentrate on ESG, and this long-term financing permits the crew to ship on their technique.”