Specialist social care developer Fairhome Group have announced a £25m investment in the Northern Ireland care sector as part of its plans to bring a new funding model to the province.
The group has been working with major stakeholders for the last nine months to create an investment package for the development and provision of care facilities and services.
Fairhome Group has worked with representatives from the province’s five health trusts and various leading health care experts to replicate the group’s privately funded model in Northern Ireland.
The group is now working with funders to provide investment for new care facilities. It will then develop the properties, via new build or redevelopment of existing buildings, and then work with housing and care providers to manage the assets for the long term.
The initial £25m will be invested in a number of schemes across Northern … Read More »
A care quality manager who started her career with Mears on their graduate management programme has been
appointed to the board of directors.
In June, Amanda Hillerby was confirmed as the company’s first employee director: a post which aims to ensure that the interests of the staff who make up the business’ 12000-strong workforce are represented at the very highest level.
Mears, a major provider of care and housing services, is one of only a handful of UK companies to create a position for an employee on its board and the first listed company in the care sector to do so.
Director Alan Long said that, in the 30 years Mears has been in business, the best ideas had always come from the workforce: those on the frontline who work with customers and service users every day and have the insight into what works … Read More »
A group of influential social care organisations have written to health secretary Jeremy Hunt, warning him of an impending workforce crisis and a need to improve the public perception of social care.
In a joint letter sent in mid-June, Anchor, Care England, and United for All Ages urged the Government to demonstrate it values social care and improve the perception of the sector, so as to avoid the predicted shortfall of up to 1.1m care workers by 2037.
Research commissioned by Anchor, care and housing charity for older people, shows that 78% of people say they would not like to begin a career in the adult social care sector, and 71% of parents would not encourage their children to think of it as a career worth pursuing. More than a fifth (22%) of people say the work is not valued by government, … Read More »
Signature Senior Lifestyle, a UK developer and operator of premium senior care and nursing homes has been acquired by Revera Inc., a Canadian-based owner, operator and investor in the senior living sector.
Revera and Signature have had a close working relationship since 2015, with Revera partially funding a management buyout of Signature.
Revera president and chief executive Thomas Wellner said the acquisition of Signature cemented a very beneficial partnership, providing Revera with a UK platform from which to expand, and Signature with the backing of a secure long-term owner and investor.
“This acquisition gives us an opportunity to increase our presence in the UK, which is experiencing accelerated growth in the senior living market, with the over 85 age group projected to almost double by 2036,” said Mr Wellner.
“It reflects our commitment to this sector not only in Canada, but in key growth markets. … Read More »
HC-One, the UK’s biggest care home provider, and the GMB Union came together at the House of Commons in mid-June to launch Careforce, an initiative which champions careers in care.
Devised by HC-One and GMB, Careforce has been prompted by increasing demand caused by an ageing population, low pay caused by inadequate funding arrangements and poor morale caused by relentlessly negative media coverage, which means operators are struggling to recruit and retain the people required to provide care to society’s frail elderly and other vulnerable people.
“Ensuring our residents are happy and fulfilled is our top priority at HC-One,” said the company’s chief executive Justin Hutchens, speaking at the launch.
“That is why I am so excited about celebrating our new recognition agreement with the GMB by launching the Careforce initiative and promoting the professionalisation of care work. Encouraging socially-committed and ambitious people … Read More »
An investment bond launched on behalf of care village provider Belong has raised £50m and closed early due to high demand from investors.
The bond, which was offered by Retail Charity Bonds plc, was launched on 23 May and closed early on 31 May. The proceeds will be used to further Belong’s charitable objectives as well as to develop additional Belong villages. It offered an interest rate of 4.5% a year for a term of eight years.
Within eight days the offer was oversubscribed and orders from investors had to be reduced or turned away. Belong will borrow £35m initially when the bonds are issued on 20 June, but a further £15m of ‘retained bonds’ will be created which can be sold and the extra money loaned to Belong at a later date.
The bond is the eighth and one of the largest … Read More »
Investment manager Downing LLP has financially exited from a group of five trading care homes, comprising more than 390 beds, managed by Care Concern Group.
Downing has worked closely with Care Concern since 2012, investing some £65m across nine care home projects, including new-build developments, operational improvement projects, extensions and repositioning of existing homes.
Downing investment director Mark Gross said the company’s exit from the five care homes to an undisclosed real estate investor would see the repayment of Downing funds’ capital and would generate an attractive return to Downing’s investors across both the debt and equity provided. Care Concern will continue to operate the homes.
“We are delighted to have completed the exit from a number of our investments alongside the Care Concern Group,” said Mr Gross.
“We believe the estate includes some of the best care homes in the UK, providing high-quality … Read More »
Hanover and Anchor, two organisations specialising in housing, care and support services to older people, are in talks about merging.
Under the proposals, the two organisations would come together as the Anchor Hanover Group. In a joint statement, Anchor chief executive Jane Ashcroft and Hanover chief executive Dame Clare Tickell said:
“People can look forward to living longer than ever before. More specialist housing and care will be needed going forwards, with new types of services.
“At Hanover and Anchor, we understand these changing needs. We have ambitious plans and want to provide more services, driven by the needs and aspirations of the growing number of older people.
“A new, bigger organisation has the potential to provide the best value-for-money services for our customers now and in the future. It would also enable us to offer better career options for colleagues, and help us … Read More »
Caring Times, May 2018
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.
Caring Times, May 2018
A Sussex society providing specialist residential and home care for elderly people has received an unexpected £100,000 windfall.
Abbeyfield Ferring Society was presented with the substantial donation following the solvent liquidation of care home and sheltered accommodation provider Careways Trust by accountancy, investment management and tax group Smith & Williamson.
The society, part of the international Abbeyfield network, runs the Cornwall House residential home and the Old School House supported living in the village of Ferring, near Worthing, as well as supporting older people in their own homes.
The donation – from surplus money held by the trust after all creditors had been paid in full – is funding a new kitchen and revamped garden area at Old School House. Not-for-profit Abbeyfield Ferring was chosen to receive the windfall because it is based in Sussex, the county where Careways’ own … Read More »