After more than 25 years at the helm of care sector construction specialist Castleoak, Mel Knight stepped down as executive chairman at the end of
Over the past five years, the shareholders have led a succession plan to evolve the business from a shareholder-led business to one led by an independent management team.
The implementation of the succession plan is now complete, and Craig Currie, as chief executive, and his team have been leading the company for some time now.
Karen Rosser now steps up from non-executive director to non-executive chair. Karen has been part of the senior team since 2011, having joined Castleoak in a HR leadership role.
Mel, who remains a major shareholder in Castleoak, will now be pursue a range of other interests in the care and retirement living sector “Castleoak is well positioned for further success and growth, and importantly … Read More »
Global property consultancy Knight Frank says current stock levels of retirement housing and projected demographic changes highlight a critical undersupply of age-appropriate homes.
In its latest report, The Case for Retirement Housing, the firm assesses the drivers of what it describes as an ‘imminent crisis’. There are currently 11.8m people in the UK over the age of 65, which is forecast to rise by 20% over the next decade. This means that the time spent in ‘retirement’ will also lengthen, underpinning the need for retirement housing.
The gap between the potential pool of demand and current supply is stark. Present stock (from age-restricted over-55s housing to housing with care) comprises 725,000 homes, which equates to just .2.6% of the total housing stock in the UK.
Knight Frank’s research suggests that about 25% of over-55s would consider downsizing; or moving into some sort of … Read More »
Care home provider Advinia Health Care has acquired 22 Bupa care homes as part of a deal with the international healthcare group that closed in February. The acquisition follows the completion of Bupa’s transfer of 110 care homes to HC-One in December.
The deal means Advinia Health Care now operates 38 care homes in the UK, comprising 3,250 beds, an increase of more than 500%. The company is now among the top 10 private care providers in the UK, and has taken over the employment of more than 3,700 staff who previously worked at Bupa. No reductions in overall staff numbers are expected.
The equity for the Advinia purchase, whose price has not been disclosed, was provided by Dr Sanjeev Kanoria, a liver surgeon and ex-McKinsey consultant from London, who co-founded Advinia with his wife Sangita Kanoria. Debt was arranged by Credit … Read More »
UK-based Target Healthcare REIT has agreed contracts to buy and fund two new care homes.
At the end of last year Target had 49 care homes, having made five acquisitions during the year, with a further property under development, giving a total market value of £334.9m (June 2017: £282m).
Target has agreed a £15.6m deal to buy and fund a 68-bed care home in Shrewsbury, Shropshire, to be operated by Rotherwood Healthcare, and a 74-bed facility in Preston, Lancashire, to be let to L&M Healthcare.
The Shropshire home will replace an existing 45-bed home, being one of six care homes operated by Rotherwood Healthcare. The Preston care home will become the fifth site operated by L&M Healthcare across the North West of England. Both operators will be new tenants to Target Healthcare.
Both homes are scheduled to open during 2019.
Inspired Villages Group (IVG), an operator and developer of later living accommodation established by Legal & General in August 2017,has acquired Ledian Farm in Leeds Village in Kent.
The seven acre site, which comes with a detailed planning consent for a retirement village, is expected to have a gross development value of more than £50m and provide over 115 homes when built. Located close to Leeds Castle, it has an attractive setting on the edge of Leeds village, offering an idyllic country outlook within an existing village community.
IVG chief executive Jamie Bunce said the acquisition of Ledian Farm further expanded the group’s national footprint, currently arranged over six village schemes in Warwickshire, Cheshire, West Sussex, Devon and Hampshire, as it looked to satisfy the growing demand for well-designed later living communities, expanding its property portfolio to 3,500.
“Ledian Farm is the seventh … Read More »
Regional contractor Stepnell has been chosen by care home developer Frontier to build two care homes in Bedfordshire.
Each home will have 75 bedrooms with en-suite bathrooms as well as communal spaces for dining, relaxing and socialising. Each home will have its own cinema room and gym, a café, hair and beauty salon, guest accommodation and a children’s play area for visitors.
Stepnell’s team in Rugby has just started work on the two construction contracts in Flitwick and Stotfold – each worth £8m – designed by architects Harris Irwin Associates. Each home is set for completion in May 2019.
Stepnell construction director Bill Haynes said the two facilities would help answer the significant need for high-quality, care home accommodation in Bedfordshire.
“The company brings to these schemes significant specialist expertise in delivering care homes of the highest quality,” said Mr Haynes.
“We have extremely experienced … Read More »
Hartford Care has recently completed its acquisition of Scio Healthcare which operates three nursing homes on the Isle of Wight, consisting of 134 beds with more than 240 staff.
Hartford Care chief executive Sean Gavin said the homes would be supported by Tom Flux, who was joining Hartford Care from Scio as area operations manager.
“We take pride in our long-established history as a family-owned business, and firmly believe our excellent reputation within the care industry has been achieved by remaining the home of choice across the South of England,” said Mr Gavin.
North East operators Crown Care have announced plans for care villages and care homes throughout the UK.
The company has planning permission in place for three developments with others in the pipeline as the company embarks on major growth plans.
“We pride ourselves on providing thriving homes with a philosophy of care that puts the needs of our residents at the centre of everything we do and how we do it,” said Crown Care director Baldev Ladhar.
“We are investing more than £115m to deliver a nationwide portfolio of care facilities with the focus on the care village model – communities at the heart of the community where they are based.
“Crown Care is investing not simply in new homes but in taking the whole care concept to the next level. The company has attracted some of the leading clinicians and managers from across … Read More »
Specialist care provider Heathcotes Group is increasing its capacity to provide a full care pathway for service users with plans to establish independent supported living accommodation in every region where it operates.
The first of a series of new developments began in January with the construction of supported living apartments in Nottingham and Leicester for service users who no longer require full-time residential care.
Last year Heathcotes helped 25 individuals to move into a more independent setting and the company’s success in supporting service users to complete the transition has driven the decision to increase its provision of self-contained accommodation, which currently includes properties in Wakefield, Northampton and Stoke Mandeville Heathcotes managing director Brendan Kelly said the company was responding to the changing market and looking to develop more self-contained provision.
“This accommodation is available for individuals who have progressed through their care pathway, … Read More »
As much as £13.5bn of equity could be invested in healthcare real estate this year, according to the inaugural
Healthcare Investor Survey launched at the end of January by global real estate advisor CBRE.
The survey audited the intentions of the 50 major investors who dominate the market and own £16bn of assets between them. They range from healthcare REITs and institutional investors with healthcare exposure as well as those from the development sector and private equity community.
Of the key investors in the healthcare market, over three quarters (77%) defined themselves as a net buyer, as opposed to a net seller, which is not always the case in the investor market.
Tom Morgan, senior director, CBRE Healthcare, said that, with so much capital to deploy, and now armed with deeper and more extensive market knowledge, institutional investors were dramatically expanding the range of … Read More »