Rescuing an ailing nursing home


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

|Peter Westley reveals how the process of going into receivership can actually be painless and productive| In January last year Recovery Care was requested by a leading bank and their nominated receivers to take over the management of a Midlands nursing home which was about to be placed in receivership. Receivership is always very much a last resort: the bank had tried over a period of months to work with the home owners to restructure their loans, and had even offered outside help to review the operation of the home. Unfortunately care home owners are frequently reluctant to accept external advice (and to bear the costs when there is no money in the account). The ongoing dialogue between owners and bank had also broken down ­ a frequent occurrence when there are financial problems. The bank had no wish to close the home, and wanted to keep it running with a view to a sale to a new owner. When we arrived with the receivers, we met with the matron and explained the situation. She was not wholly surprised. We





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