Fri, 01 Jul 2011 | ADMINISTRATION
Two retirement village owners have been placed into administration. The freehold premises owned by Bluchie Ltd and Quintain No.15 Ltd are now being marketed for sale.
Richard Hawes and Robin Allen of Deloitte have been brought in as the joint administrators to the two businesses. A buyer is now being sought for Bluchie’s Crystal Fountain Retirement Village in Nailsworth, Gloucestershire, and Woodlands Court Retirement Village in Downend, Bristol, owned by Quintain No.15 Ltd.
The villages are still being operated by the administrators, who have made arrangements for the services to residents to continue. All 34 staff are currently still in their jobs.
The two retirement villages were both operated by the Care Village Group. Other villages operated by the company are not affected.
The businesses were hit by a spell of difficult trading due to the downturn in the housing market, which has meant that it has been difficult for people to sell their homes to move into retirement villages.
“There is a good deal of investor interest in this business,” Robin Allen said.
"Retirement villages are seen as a growth sector given the increasing age of the UK population and the expectation that the residential property market will recover.”
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LEASEHOLD
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