Finance
Nursing homes could be at risk
The financial crisis facing the UK’s care home sector is at its deepest in the West Midlands, according to research from restructuring and insolvency trade body R3. August figures, compiled using
Bureau Van Dijk’s Fame database, highlight that almost half (46.7 per cent) of medical nursing homes in the region have an elevated risk of insolvency. This is the highest proportion in the UK and is almost ten points above the national average of 37.1 per cent. West Midlands residential care
homes catering for those with learning difficulties, mental health or substance abuse issues are also struggling more than any of their UK counterparts. One in four (24.6 per cent) has an
increased risk of insolvency, which is close to six points above the national average of 18.9 per cent. There are similar statistics among
West Midlands residential nursing care operators, with one in four (25.3 per cent) carrying an elevated
risk of insolvency, the highest proportion in the UK outside Wales and six points above the national average of 19.4 per cent. R3 Midlands chairman Chris
Radford, a partner at Gateley plc in Birmingham, said: “Quite clearly, the West Midlands care home sector has some substantial challenges with hundreds of businesses in serious financial danger. “Although the statistics do not
explain why care home finances are so critical in the region, anecdotal problems include falling council contributions towards residents’ fees and an increase in staffing overheads. “Local care home businesses
are also trying to cope with a number of other challenges, including a minimum wage which is higher than it was in 2015.” “R3 is advising care home
operators to continue to monitor their finances carefully. If cash flow becomes a major challenge, it is imperative to seek professional advice sooner rather than later.”
Sector Focus
SCIMFA completes company buyout
The managing director of Smith Cooper Independent Mortgage and Financial Advice (SCIMFA) has completed a management buyout from parent company Smith Cooper. Founded in 2015 after many years of association with Smith Cooper as
an independent advisor, SCIMFA offers a select range of whole of market mortgage and finance advice solutions for individuals and companies across the UK. The buyout sees managing director Suzanne Bradshaw acquire all shares of the business, which will now trade as Mortgage and Finance Arena. Suzanne said: “It has been a
transformative two years as part of the Smith Cooper brand with key appointments and a strengthening of our team, as well as the development of a new Compliance Agent offering for estate agents. “Central to our ongoing
strategy is to continue to offer independent and unbiased advice to individuals and companies looking to fund both residential and commercial property. “I’m very excited for
what the future brings and I have no doubt that the MBO will help us keep up this momentum.”
Suzanne Bradshaw
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