Foot Anstey has advised Santander Corporate & Commercial on its funding of £8m to Happy Days Nurseries to open settings in 10 new locations over the next three years.
The Cornwall-based chain, which currently owns 18 nurseries offering 1,318 places across the south west of England, obtained the funding from Santander Corporate and Commercial supported by leading law firm Foot Anstey and accountants BDO.
The owners of Happy Days now plan to open three new, purpose-built nurseries, each with around 80 places, in 2018, with seven more to follow by 2020. It continues their expansion plans which has seen them grow to become the 19th largest nursery chain in the UK following a management buyout in 2012. In recent years, Happy Days has opened five new sites in the last three years in Exeter, Bristol and Poole, and relocate its Derriford NHS nursery in Plymouth.
Jackie Arthur, managing director of Happy Days Nurseries, said, "This is a really exciting investment from Santander. They have worked with the business and management team in providing an appropriate funding solution for our development plans, and their experience together with the professional relationship the team has developed with Happy Days over the last few years meant that we were very keen to work together.
‘We believe that with this investment, and support from Santander, we are well placed to achieve our growth ambitions."
Peter Abel, Santander’s growth capital director, commented, "As an established care provider, with excellent governance and performance record, now is the appropriate time for our growth capital product to support the business with its further roll-out plans into new geographic areas."
Will Whitt, Partner and Banking specialist who led the transaction at Foot Anstey added "Working alongside these parties for a growing regional brand with a great business model and exciting plans for the future was a great transaction to be involved in."