PROPERTY & FINANCE
New Entrant to Sector Scoops Up Talbot Court
Chrisite & Co tell us more about the recent sale of Talbot Court Nursing Home, in South Wales, and explains how interest in the sector is continuing to blossom, in spite of Brexit and the introduction of the National Living Wage.
Talbot Court Nursing Home, located near Port Talbot in South Wales, has been purchased by a first-time care home buyer, Carehart Limited.
The home, sold by business property adviser, Christie & Co, was originally taken on as a family business by Wendy Morris and her mother in the early 1990s. Wendy later became the sole owner, and after operating the business for more than 20 years has decided to retire from the sector.
Talbot Court’s buyer, Ashraf Hameed and Dr Hasan, Directors of Carehart Limited see the care sector as having key long term investment potential and are keen to get involved in the industry as a prime market in which to invest capital.
Carehart’s Directors will oversee the day-to-day operation of the home and have plans to look at growing their business in the future.
The home accommodates up to 30 service users in 29 bedrooms, and has recently been renovated across various internal refurbishments and the addition of a new conservatory.
The new owners expect to further develop the property, including the conversion of a neighbouring office building to provide additional bedrooms, and expansion at the rear of the building.
The home will remain open throughout any developments which take place, and the owners are keen to stress that any works will be planned around the residents, in a bid to cause minimal disturbance.
Speaking about the sale, Simon Harvey, Director in Christie & Co's South West healthcare team
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commented: "We are delighted to have assisted Mrs Morris in her aspirations to retire from the care industry and also pleased to welcome Carehart Limited to the sector.
“The sale of this home, along with a number of others in the South West and South Wales in particular,
“Interest is continuing to thrive in the sector from a
mixed profile of purchasers. This is very encouraging as
it all comes in spite of Brexit, the effects of which are being felt in other industries.”
Simon Harvey, Director in Christie & Co
continues to show that demand for well-run care businesses remains very strong.
“Interest is continuing to thrive in the sector from a mixed profile of purchasers. These include first- time buyers, multiple operators and investors who see the industry as profitable and commercially secure in the long run. This is very encouraging as it all comes in spite of Brexit, the effects of which are being felt in other industries, as well as the introduction of the National Living Wage which came into force in April 2016. The latter was anticipated to hit the sector quite significantly, but increases in government funding in certain locations have assisted in maintaining bottom line margins.
“Christie & Co is looking to complete on several other care homes in the coming months and we expect this demand to continue for the foreseeable future.”
Graeme Egan, Barclays Relationship Director, said: “By really understanding the business and the industry sector, Barclays has been able to deliver a funding package to support this acquisition. A £1.5 million investment demonstrates both Barclays’ and our client’s confidence in the continued growth and success of the business, and the talented management team.”
The vendor was represented by Douglas, Jones, Mercer in Swansea and the purchaser by Rees Wood Terry in Cardiff. The freehold interest in the home was sold off a guide price of £1.5m in a deal funded by Barclays Bank.
www.christie.com
www.tomorrowscare.co.uk
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