Tue, 31 Oct 2023 | COMMERCIAL PROPERTY
Malhotra Group has saved three care homes in the North East. The homes, previously part of Four Seasons Healthcare, are located in Morpeth, Blyth and Howden and will be renamed following the acquisition.
Four Seasons Healthcare has been selling off the bulk of its care home portfolio after its holding companies fell into insolvency more than four years ago. Last year, administrators to Four Seasons appointed property agent Christie & Co to oversee the auction of the group’s core portfolio, which, at the time, comprised around 110 UK sites, reportedly employing approximately 10,000 people and caring for roughly 6,000 residents.
The multimillion pound deal sees Malhotra Group add 217 critical care beds across the North East, providing for both residential and nursing care, and secures 257 jobs at the three homes. The acquisition adds to Malhotra’s existing presence in the region, where it operates 15 homes through its Prestwick Care brand.
The three homes will join the group’s new care home brand Lifestyle Care. Howden Care Centre, located in Howdon, Wallsend, has been renamed Eastside Gardens, Morpeth’s East Riding Care Home has been renamed Bluebell Manor and Chasedale Care Home in Blyth is now Blythgate Manor.
Following the acquisitions, Malhotra Group says it is planning significant investment in the three homes and is continuing to seek further deals.
Malhotra Group Chief Executive Bunty Malhotra commented: "We are a North East based company with deep roots in the local communities.”
"This strategic move aligns perfectly with our vision to expand and enhance Malhotra Group's care offering in the region. I am confident that this acquisition will be greatly appreciated by the residents and staff.”
"We will be investing significantly in refurbishing these three properties and are looking to expand the Lifestyle Care brand with further acquisitions."
Nicola Bowles, who has 22 years of experience in the care industry has been appointed as the new Chief Operating Officer of Lifestyle Care. Bowles said that she would seek to use her “extensive sector experience to further improve the quality of these newly acquired care homes for all who live and work in them.”
In its recent results for the 2022/2023 financial year, Malhotra Group reported that, following the impact of COVID-19 on Prestwick Care and the wider healthcare sector, occupancy rates are continuing to stabilise and increase, with fee income in the group's care division rising 14 per cent to £35 million.
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