Keeping up with the latest care home acquisitions, investment trends and headlines can be a challenge, as social care is a constantly shifting landscape. That’s why we’ve pulled together the biggest news of Quarter 3 2022 in one easy roundup, to keep social care investors up to date with the latest sector changes. So grab a coffee and get up to speed!
The latest report from the Levelling Up, Housing and Communities Committee, Long-term funding of adult social care, was released in August. The findings reveal that the current levels of funding for adult social care from the government have not been enough and need to be greatly improved.
Committee chair, Labour MP Clive Betts, stated: “The NHS and adult social care provision should not be pit against one another … the Government urgently needs to allocate more funding to adult social care in the order of several billions each year.”
Balhousie Care Group, Scotland’s largest private care provider, has been bought by international healthcare experts AcalisCare in their first step into UK care provider acquisitions. The global care group will focus on expanding Balhousie’s portfolio, which currently has capacity for almost 1,000 residents across 26 care facilities in Scotland. Connell Consulting, which conducted the commercial due diligence for the sale, noted the UK social care sector’s high standard of regulation as among the reasons that acquisitions have become more attractive to overseas groups.
In October, RCB HealthCare Group became one of Dartford’s largest care providers after acquiring two care homes in Kent, The Priory Mews and Woodford House. The ‘good’ rated care homes bring a combined 177 beds to the group’s portfolio (354 in total), with the funding sourced through commercial finance specialist, Christie Finance.
In new development projects, Pension Insurance Corporation (PIC) and Octopus Real Estate revealed their plans in November to develop a 124-bed integrated retirement community (IRC) in St Albans, Hertfordshire, at a cost of £115 million. The duo, operating as Senior Living Investment Partners, has secured planning permission for the project in a joint venture with Elysian Residences and will offer local residents in St Albans first purchase opportunities.
Impact Health REIT, a London-based care property investor, reported a 2021 pre-tax profit of £32 million, with a portfolio valued at £459.4 million. This saw an increase in £40.6 million from the previous year, which chairman Rupert Barclay attributed to long-term investment and high-quality care across the pandemic.
UK Care home investor, Target Healthcare REIT, also announced an increase in profit in the second half of 2021, at a rise of +12%. This sees an underlying profit of £13.7 million this year, following investment and development commitments of £191 million in 2021, including an 18-home portfolio acquisition.
Two directors have been banned for 25 years from care investment opportunities after investigators discovered an “appalling exploitation” of care home investors in a multi-million pound fraudulent scheme. GCC Management Ltd, an unregulated company in Cheshire, owed investors £13.2 million at the point of liquidation.
Movers and shakers
Elizabeth Robb, previously chief executive of the Florence Nightingale Foundation and director of nursing and deputy chief executive in two NHS trusts, has been appointed to the board of governors at Nuffield Health.
In Scotland, care home provider Meallmore has brought Rachel Gothard onboard as its people and culture director. Most recently head of HR for Baxters Food Group in Europe, she will oversee 1,700 staff members across the provider’s 26 care home portfolio.
Britain’s largest care home operator, HC-One has appointed Dame Ruth Carnall as a non-executive chair. Dame Carnall has more than 40 years’ experience in the health and care sectors and remains vice-chair of The King’s Fund.
Kerry Smith has joined New Care as the regional manager for Yorkshire and East Midlands regions. She will play a key role in the commissioning of new homes and expansion for the group, which currently oversees 12 care home services.
Finally, we have to include our own news from earlier this year, with the appointment of Karen Johnson as Fulcrum’s Head of Quality Assurance. Former clinical director and chief nurse at HC-One, Karen’s award-winning dedication to social care will help us increase our commitment to providing excellence in care for our clients.
If you are a care home investor who is interested in professional social care consultancy, please get in touch.