NHP places Westwood Care into receivership

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

Sale and leaseback funding of care homes claimed another casualty when, in February, NHP appointed administrative receivers to Westwood Care Ltd. Nineteen care homes in Cheshire and the north-west, owned by NHP and totalling 876 beds, were operated by Westwood. All 19 leases had their rent paid to February 29 following NHP’s receipt of money fro the rent deposits for each of the care homes. The homes are to be taken over by Ultima Holdings Ltd in a “seamless transfer”. Following the assignment of the 19 homes, Ultima will operate 64 homes with 3,144 beds, all of which are owned by NHP, representing 16.2% of NHP’s portfolio. Westwood Care is the third NHP tenant to be placed in receivership following management difficulties. NHP chief executive Richard Ellert said his company’s first duty of care was to the residents in the 19 homes formerly operated by Westwood Care. “We are working closely with the administrative receivers to ensure they have sufficient working capital to continue running the homes while the

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