One of the largest nursery groups in the UK, Children 1st currently has 14 of its 24 sites open across the Midlands and South Yorkshire, while some sites have temporarily merged with others.
The group has faced a significant fall in revenue since the lockdown, with just 15 per cent of the around 4,000 children it usually provides care for currently attending nursery. Some staff have been put on furlough.
The business secured the £1.6m finance agreement from Lloyds Bank, brokered by Goodman Corporate Finance, and was also offered a 12-month capital repayment holiday on its existing borrowing.
It has continued to provide care for children whose parents are key workers, and for the most vulnerable, since the Government’s shutdown of schools and nurseries more than two weeks ago.
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