Don’t wait until it1s too late!
|What can be done to stop more care homes from closing? Julian Pitts from Wilson Pitts, specialist in care home insolvency, outlines what financial help is available and what can be done if action is taken quickly| Care homes have to operate as businesses and 2002 was a testing time for all businesses, as we witnessed the beginning of a slow down, due to lack of consumer confidence and “watchful” spending. Towards the end of the year, even financially sound businesses were operating cautiously, as they looked towards their future prosperity and longevity within the 2003 business market. Insolvencies in the UK were at an all time high at the end of the financial year, with the national total in England and Wales at 16,305 , an increase of 8.9 per cent from 2001. It is unlikely that this national trend will change in the foreseeable future. No industry has escaped unaffected, and the care home sector is no exception, as the industry has been battling for profitability and new minimum standards have placed great