£30 million secures St Cloud Care sale

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Boynes-care industry newsThe privately owned quality care provider St Cloud Care has been sold.  Acting on behalf of the vendors Bespoke Care managed the ‘off market’ sales process and confirmed the share sale achieved a consideration in excess of £30 million. St Cloud Care comprises five established care homes and adjacent supported living apartments.

The homes, in various locations included: The Boynes, Upton upon Severn, Malvern, Holmwood, Kidderminster (with adjoining Sandalwood apartments) Chestnut View, Haslemere, Priory Court, Epsom, Stowford House, Abingdon.

 

 

The vendors, Philip and Linton Connell considered a number of professional advisors to manage a highly discrete marketing process that ultimately produced several high quality offers.

Philip Connell commented “St Cloud Care is an excellent portfolio of well-located homes, with great trading reputations, sustained by a well-informed and hard-working head office team based at The Boyne’s in Upton upon Severn.  Both Linton & I wanted to minimise potential disruption and uncertainty for all the residents and staff and we managed this process with Anita Allen of Bespoke Care.  The sale was professionally managed with Richard Knight and Nigel Horn of Harrison Clark Rickerbys and Andy Kay of Crowe Clark Whitehill adhering to tight timelines – they did a sterling job!”

Anita Allen commented “Many care home operators feel like Philip and Linton Connell and seek a discrete, confidential disposal.  We work with vendors – selling their business in the manner they decide.  We find owners of quality care facilities often prefer the ‘off market’ approach.   There is no shortage of purchaser’s – the private equity firms, REITs and expanding corporate care groups are all keen to acquire. “

The buyer is the joint venture partnership: Golden House Ltd and Ravad Ltd.  This acquisition follows on from their purchase of Acacia Lodge in Henley on Thames in November 2013.

The group is managed by Arnon Rubinstein. The purchaser’s adviser was Steve Chester of Axis Commercial Finance.

 

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