The homes – St Benet’s & Wolborough Court in Newton Abbot and Bishopsteignton House at nearby Bishopsteignton, were sold in a multimillion-pound deal on behalf of outgoing owners Guy and Nikki Rogers; to enable them to reduce their workload and focus on their other care homes in the South Hams. The sale of the homes, which total 84 registrations, was conducted in an off-market process, with multiple bids having been received. Each home has a ‘Good’ CQC rating and a registered manager. The group also benefited from a regional manager making the transition to the new owner a relatively seamless one.
Guy and Nikki comment, “We have enjoyed working in the care sector for over 30 years; it has been a big part of ours and our families lives and so the decision to sell wasn’t an easy one. We took the decision to sell simply because we ourselves are not getting any younger and we felt that by “down-sizing” our portfolio of homes at this time it would enable us to pursue other interests and to enjoy our growing family.”
The buyer, Paul Nery comments, “Having built up my group of care homes to three – one in Exeter, one in Exmouth and one near Bath – I felt the time was right to seek further growth and the opportunity to acquire these homes provided an excellent fit with my existing group. I am delighted to be taking on the homes from Guy and Nikki and look forward to continuing to build on the excellent reputation they have achieved.”
Simon Harvey, Director at Christie & Co’s Exeter office who handled the sale comments, “We are delighted to have assisted Guy and Nikki in the sale and at the same time, allowing Paul to expand his group with the acquisition of these excellent homes. This transaction is further evidence of the strong appetite that exists for well managed and profitable care homes with good reputations. Our experience so far this year is that there is little sign of this letting up so we are able to look into 2020 positively.”
The transaction was supported by AIB and with the buyers being represented by Adams & Remers and the sellers by Kitsons’ Business Services Team who provided Corporate, Property and Employment support on this transaction. Christian Robertson, of Kitsons commented, “All of the team here at Kitsons who were involved in this particular transaction were pleased to have concluded the deal for Guy and Nikki. We worked closely with them throughout the transaction to ensure that their objectives were met, and that the sale was a smooth transition. Our thanks to Simon at Christie & Co and to Bedford & Co. for their assistance.”
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