We are going to market early this year fundraising for the 2019 Brampton Care Limited (“BCL”) EIIS Private Placing. BCL is a company established to run Brampton Care Home (“BCH”), an upmarket, modern care home situated in the heart of Oranmore.
This investment offers eligible investors up to 40% tax relief and a maximum return of €1.15 per €1 invested.
No High Income Earners Restriction means tax relief can be claimed on the maximum allowed investment – €150,000 – in the year of investment.
Brampton Care Home – A Luxury Facility in the West of Ireland | |
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The Project:
Brampton Care Ltd is a company established to run Brampton Care Home (“BCH”), an upmarket, modern care home situated off Main Street in the heart of Oranmore, County Galway, in the former Galway Oyster Hotel premises.
Opened on 26th November 2018 BCH currently has capacity for 46 residents, already with 65% occupancy as of February 2019. BCH is one of the most modern and spacious nursing home facilities in the West of Ireland.
It is intended to grow the facility to cater for 140 residents, in managed phases, to reduce the operational and financial risk. When completed it will be the largest private nursing home facility in the region.
The EIIS funds raised in the 2019 private placing will be used to fund the development and construction of Phase Two comprising of 31 bedrooms on the third floor, including 13 premium suites with views over Galway Bay and Oranmore Castle. This phase will be completed in 2019.
A further Phase 3 will be financed through a separate private placing in 2020.
Key Stats:
- Investment term: 5 years
- Tax relief: Up to 40% (30% + 10%)
- Maximum investment: €150,000
- Minimum investment: €5,000
- Phase 2: Addition of 31 rooms
- Projected buyout price: €1.15 per €1 invested (Capped on exit)
- Projected net cash flow: €24,272 (Based on a €50,000 investment)
- Proposed exit: Q4 2024
- New EIIS certification rules: BCL will self-certify the investors’ tax relief & provide Statements of Qualification
- Closing date: 18 April 2019 Early booking encouraged as private placing will close once fully subscribed which may be before official closing date
Key Attractions:
- Newly opened, HIQA registered and well received in less than three months trading
- Town centre location
- All bedrooms large, spacious and en suite
- Selection of day room and dining options
- Low conversion cost compared to a greenfield site due to location in existing hotel premises
- Expression of interest letter from leading Irish bank
- Management team in place including Director of Nursing, General Manager/Chartered Accountant, nursing staff, HCAs etc.
- Asset backed – 75,000 sq. ft. with full planning permission in place
- Hotel site purchased in 2013 at a significant discount from original build cost
- Projected low loan to value in place for exit
The Promoter:
The promoter is an experienced senior healthcare professional.
Dr Michelle Gaffney is a Consultant Nephrologist and General Physician with considerable experience looking after elderly patients in University Hospital Limerick and University Hospital Galway.
She has also worked as a Consultant in Northampton General Hospital NHS Trust. Michelle has lectured in Clinical Skills in NUIG and Pharmacology in UCD.
Closing Date: 18 April 2019
Contact Anne Hogan in our tax department for further information and to request a copy of the Investment Memorandum.