Avery Healthcare to double its portfolio by 2014
Having secured £40m in development funding from private equity firm Graphite Capital and the Royal Bank of Scotland, Avery Healthcare managing director JOHN STROWBRIDGE talks to Caring Times editor GEOFF HODGSON about the history of the company and his plans for future growth
Avery Healthcare was primarily a coming together of John Strowbridge, pictured, and Ian Matthews, formerly of Westminster and Barchester in 2005.
‘In the latter part of that year we agreed to come together with Graphite Capital with a strategy of developing high quality care homes, both by acquisition and new-builds,’ said Mr Strowbridge.
‘Nothing particularly exciting about that at that time – a lot of people were doing the same. That group grew fairly rapidly up to 21 units into 2007.
‘At that stage, from a commercial perspective we were doing a very good job on the caring side, but we believed at that time that the market had peaked in valuation terms and thought it was time to pass-on some of the assets. Being backed by private equity there was an opportunity for some rewards to be taken and we sold 16 care homes to Southern Cross in June 2007.’
Avery’s timing was enviable; in late 2007 the credit vice began to tighten and some very costly chickens were coming h