A leading North East business has secured a £15million boost for its growth plans.

Newcastle-based Malhotra Group, which owns a large portfolio of assets covering care, leisure and property, will use the HSBC funding to support its expansion plans within the care home segment of its business.

The family-owned business has 1,000 beds across its care home division, which operates under the name Prestwick Care. There are plans to double this to 2,000 over the next five years through a mixture of organic growth and acquisitions.

Malhotra Group currently employs over 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, said: “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.”

Malhotra Group was established in 1991.

The Group also owns many iconic buildings within Newcastle’s city centre, on Grey Street as well as within the city’s historic Grainger Town.

Local law firm Muckle LLP worked on the refinancing transaction on behalf of HSBC UK, while Womble Bond Dickinson (UK) LLP acted for Malhotra Group.