Newcastle property firm to create 300 care jobs with £15m funding

A North East property developer has announced that it is set to create 300 jobs after receiving a £15m loan for its expansion.

Malhotra Group, based in Newcastle, has received the £15m loan from HSBC UK, which it says will support its expansion plans within its care home sector.

The business currently has 1,000 beds across Prestwick Care, its care home division, and it is planning to double this to 2,000 over the next five years through a mixture of organic growth and acquisitions.

The group currently employs more than 1,200 staff in the region, and the expansion of Prestwick Care is set to create a further 300 jobs over the next three years.

Meenu Malhotra, chairman at Malhotra Group, commented: “We’re delighted to be working with HSBC UK as we embark on the next phase of our growth strategy.

“We strive to be leading operators in all of our business segments and are confident that our new relationship with the bank will really benefit our strong standing as we expand and deliver improved care to the North East.”

Ben Foster, relationship director at HSBC UK, said: “Malhotra Group is a great example of a successful family business with a clear vision and ambition for the future.

“The family have diversified into three distinct and successful divisions since starting out and we’re very pleased to be able to help them build on their achievements in the years to come.”

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