Nuffield Health has agreed a deal to borrow up to £330m from banks and institutional lenders to grow its organisation - the first time that the charity has been funded in this way.

Pricoa Capital Group and the Metropolitan Life Insurance Company have provided long-term fixed-rate loans of ten and 12 years, which are together worth £100m.

Nuffield Health has also secured seven-year bank facilities of £230m from its existing banks, Barclays, RBS and Santander, as well as HSBC and Siemens Financial Services.

The charity refused to say what interest rate it would have to pay on any loans.

Greg Hyatt, chief financial officer at Nuffield Health, said: “Receiving investment from a mix of banks and institutional lenders is a first for Nuffield Health, and follows on from the launch of our retail bond last year. As a result, we have been able to secure a diversified lending base and long-term debt funding.”

Part of the funding will be used for ongoing development in the North West. Nuffield Health recently formed a strategic partnership with Manchester Metropolitan Universtiy to improve healthcare in the North West of England. The charity will build a major facility in central Manchester.