New bid made for NHP

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

There is speculation that NHP, the UK¹s biggest care home owner and operator, is the subject of a £50 million bid by property entrepreneur Leo Noe. Noe already owns a small care home business which he has been keen to grow. He is reported to have been waiting for care home prices to fall before making the bid for NHP. If his bid is successful, Noe will have to take on debt of almost £600 million arising from three asset-backed bond issues made over the past four years. During the past two years, NHP ran into trouble when a number of its tenants, operating care homes on sale and leaseback arrangements, went into liquidation, being unable to meet rental payments in the face of increasing staff costs and low fees. A reverse takeover last year by NHP¹s biggest tenant, Southern Cross Healthcare, failed but there is speculation that if the Noe bid is unsuccessful, talks between NHP and Southern Cross could resume. In April, the NHP board rejected a £30 million bid for 20 care homes, led by a British investment

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