Nursery World - Cash plan for private nurseries

Private nurseries looking to expand their business or realise their assets can now access a new source of funding. The Nexus Group and partners Alan Proto and Harry Hyman have teamed up to offer a 50m sale-and-leaseback fund on freehold day nurseries.

The Nexus Group and partners Alan Proto and Harry Hyman have teamed up to offer a £50m sale-and-leaseback fund on freehold day nurseries.

The PINE Fund, a Jersey-based unit trust, works by buying freeholds of UK day nurseries with at least 45 places and renting the nursery back to the operator on a 15- to 30-year lease.

Mr Proto, founder of the Secret Garden Day Nursery chain, which was sold to Asquith Court in 2003, said, 'It has been expensive to find the costs of building and buying new nurseries. This is a new solution. We built six nurseries in four years and were constantly trying to find money.'

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