Broome End Care Home, in Essex, Haunton Hall in Staffordshire and Revelstoke Lodge in Devon are all former Southern Cross care homes. All three care facilities have recently been sold by DC Care.
Tim Perkin, of CBRE, was appointed Joint Fixed Charge Receiver and a management company was instructed to oversee the day to day operations at the care homes until new buyers were found.
DC Care marketed the care homes individually rather than as a group, given the very individual style of buildings and the diverse geographical locations.
Broome End near Stansted was acquired by experienced care operators, Broome End Ltd. The sale of this particular unit was managed by DC Care Specialist Business Appraiser Andy Sandel. Andy commented: "From the outset there was tremendous interest in this home with a number of good quality experienced care operators submitting offers. Sales of this nature are never without complications but a successful sale was completed earlier in 2013. Since acquiring the home, the purchasers have invested in refurbishing the home and are seeing the benefit in terms of a significant increase in occupancy and profitability. This home fits nicely into the new owner’s existing portfolio and we hope to sell other care homes to this expanding group in the future."
Avi Gidar, Director of Broome End Ltd commented: "An acquisition of a care home from Receivers or Administrators is often quite different from a traditional sale and in this respect we have found the help and guidance provided by Andy Sandel and his team at DC Care to be extremely useful. As experienced purchasers and operators in the care sector, we have a proven track record of this type of transaction and we will be very keen to work with DC Care again in our search for other, suitable care opportunities."
Haunton Hall and Revelstoke Lodge were acquired by Blue Mar Ltd; a newly founded care home operator focusing on the private pay market in the UK.
DC Care’s Specialist Business Appraiser, Alison Taylor managed these sales and commented: "Although geographically very different, Blue Mar Ltd decided that these two homes represented a sound investment opportunity and a platform on which to develop their portfolio."
"Haunton Hall in particular, has significant historical heritage and I am very much looking forward to seeing the quite impressive plans Blue Mar has for this building being implemented."
Richard Bellamy of Addleshaw Goddard acted as the vendor’s solicitor. As always, having a strong professional team working together is critical and all parties are pleased these homes all transferred ownership with a little disturbance as possible for the elderly residents.