Isle of Wight care group sold through Christie & Co
Specialist business property adviser, Christie & Co has sold Scio Healthcare, comprising of three care homes located on the Isle of Wight; Highfield Nursing Home in Ryde, Springfield Nursing Home in Shanklin and The Elms Nursing Home in Bembridge.
Also included is Courtdrift Ltd located behind The Elms, which comprises of 16 assisted living apartments, which have been sold off on long leases to the tenants. The buyer will benefit from planning permission for seven more apartments on the site. The group is one of the largest operators on the Isle of Wight and the three nursing homes have a combined registration of 133, with planning permission for 20 further beds at Springfield Nursing Home.
Scio Healthcare was formed in 2005 when two families from the Isle of Wight merged their businesses, between the two having over 100 years of care experience. Following their decision to retire, the business has been sold to Hartford Care, an existing care home operator based on the mainland. This purchase will be their first site on the Isle of Wight, and they plan to carry on the business and will look to develop the care apartments and extra rooms at Springfield Nursing Home.
Charles Phillips, Director at Christie & Co comments, “It was a pleasure acting for the directors of Scio who instructed us to market the company on a confidential off market basis, as they wished to retire from the sector. The opportunity attracted multiple offers and we are delighted that the deal was concluded to Hartford Care in a totally confidential manner. Having worked with Hartford Care in 2017 when they purchased Burnham Lodge care home near Slough through me, I was able to identify this strong opportunity for them.”
Former owner, Kevin Dannat comments, “Charles and his team at Christie & Co provided a professional, experienced, expert and most importantly, confidential service that resulted in an offer that met our expectations. We appreciated his early advice that led to a successful sale within the original set timescale.”
Sean Gavin, CEO of Hartford Care adds, “I am pleased to confirm that Hartford Care has formally completed its acquisition of Scio Healthcare Limited thanks to the expertise of Christie & Co. I am impressed with the smooth and effective transition for us to acquire the locations we require.
“Scio is a long-established care business that will benefit from Hartford Care’s core values of care, comfort and companionship. We look forward to getting to know the staff, residents and local communities on the Isle of Wight in the coming months.”