Pair of 'good' rated Hampshire care homes sold as owner retires

The Firs care home in Locks Heath is registered for 22 service users and has 19 en suite bedrooms. With a ‘Good’ CQC rating and an excellent manager and staff team, The Firs is a very well-performing business which offers high-quality care to its residents. This was the first care home bought by the seller, Dr Ian Caldwell, which he purchased in 2002, during which time it was extended and refurbished.

The Oaks care home in Emsworth is registered for 33 service users and has 30 en suite bedrooms. It benefits from a full-time manager and a complement of dedicated staff, and has a ‘Good’ CQC rating. Since purchasing the business via Christie & Co in 2012, Ian has extended and upgraded the business throughout.

Ian recently decided to sell in order to retire from the sector.

Following a confidential sales process with Charles Phillips at Christie & Co, and with funding sourced through Jimmy Johns at Christie Finance, two separate sales were agreed; The Oaks has sold to Stephen Clarke who owns Ferndale care home in Southbourne, and The Firs has sold to first-time buyer, Sumesh Mohanan.

Christie & Co were instructed to market both businesses either as a pair or individually on a confidential basis so as not to affect the smooth running of the homes or unsettle residents. Due to the high quality of both homes, a good level of discreet interest was obtained, which resulted in multiple offers on the homes, both as a pair and separately.

Dr Ian Caldwell, the former owner of the two homes, comments, “It has been a pleasure working with Charles and we are delighted to have achieved sales on both of our care homes, maintaining confidentiality throughout the process. We are confident that both buyers will continue to run the homes successfully and wish them the best of luck.”

Stephen Clarke, the purchaser of The Oaks, comments, “The Oaks represents a great opportunity for me to extend my commitment to the care sector in the local area as I already own and operate Ferndale care home in nearby Southbourne. There are excellent synergies between the two homes, and I am greatly looking forward to getting to know the staff, residents, and their families at The Oaks and sharing best practices between the two.”

Sumesh Mohanan, purchaser of The Firs, comments, “This is my first care home, and I am very pleased to be taking over from Ian such a good business. Having been involved in care staff recruitment for a number of years and having placed staff in The Firs, it is a home I have known for some time and have always admired. I am very excited to begin my journey into care home ownership and look forward to building on Ian’s good work.”

Charles Phillips, Director - Care at Christie & Co, comments, “Having sold The Oaks to Ian back in 2012, I was delighted to be asked to market both of his care homes for him when he made the decision to retire from the sector. I knew that both of these homes would attract strong interest from applicants and, having sold Ferndale to Stephen in 2005 and kept in contact with him, I was aware that The Oaks would be ideal for him due, in part, to the location and quality. I was really pleased when his offer was accepted. Helping Sumesh to find his first care home has also been a pleasure, and it was a great coincidence that he was already aware of The Firs due to his staffing business, so it almost seemed like it was meant to be! I am confident that with his overall experience and knowledge of the sector, he will be very successful. We wish both buyers all the best with their new businesses.”

Jimmy Johns, Director at Christie Finance, comments, “It was great to work with Steve to support him in acquiring his second home. We were able to run a highly competitive process securing several credit-backed offers of finance, giving him the control to decide the structure that best suited his business’s growth strategy. I wish Steve all the best in the future with this new acquisition.”

The Oaks and The Firs were sold for undisclosed prices.

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For further information on this press release, contact:
Phoebe Hill, Associate Director – Corporate Communications
P: 07540 063 598 or E: phoebe.hill@christie.com

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