Christie¹s annual review recalls a tough year but sees better to come

Posted on January 1st, by editor in Caring Times. No Comments

Each New Year business transfer agents, valuers and surveyors Christie & Co report on the previous year. Business Review 2001 and Business Outlook 2002 reported that 2001 was undoubtedly a difficult year for the care home sector which was squeezed by the “double whammy” of rising costs (particularly wage costs) unmatched by local authority fee level increases, as well as the necessity for complying with the new Minimum National Standards. Overall business values fell by 2.7 per cent during 2001 with as many as 600 homes leaving the sector. However, in his introduction to Business Review, chairman David Rugg said: “We are at last seeing the signs of the beginnings of a recovery.” He added that the fundamentals driving the market were favourable. Interest rates are low, ensuring that borrowing money to fund new businesses is as cheap as it has been for 40 years. Banks and lenders are still keen to loan funds and are happy to fix interest levels for 10 years. Headline inflation is at its lowest level since 1963

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