Ashberry Healthcare has undergone a management buyout after securing a £5m funding boost from Cambridge & Counties Bank.

Established in 2003, the company operates 320 beds across seven care homes in Surrey, Cheshire, Herefordshire and Carmarthenshire.

It specialises in providing both nursing and residential dementia care to elderly residents.

The management team is led by managing director Nigel Denny and also includes operations director Susan Lovelace and finance director Gary Cottrell.

They were introduced to Leicester-headquartered Cambridge & Counties Bank by Wesley Davidson of Fox Davidson.

Denny said: “The MBO has been a pivotal moment for the senior team and the business, coming after a period of consolidation and investment.

“The group delivers exceptional care for our residents thanks to the excellent work of our staff and quality of our facilities, and we will look to build on this strong foundation.

“The understanding and approach shown by Cambridge & Counties Bank has been highly supportive of our ambitions.”

Paul Howard, regional director West & Wales at Cambridge & Counties Bank, added: “[The team] has worked hard to position Ashberry Healthcare for growth and have the experience and focus to further build on this momentum.

“Helping successful management teams such as this is central to Cambridge & Counties’ business model and relationship-based customer approach.”