Thu, 04 Aug 2011 | DIVISION SALE
Social housing repair firm Mears Group has purchased the assets of Choices Care Community Services out of administration.
The £7.4 million deal involves the transferral of the supported living division of Choices to Mears, with around 500 staff. A deposit of £5 million secures the deal, but is dependent on the conclusive negotiations of the transferred contracts.
Gloucester-based Mears is paying for the transaction with its existing debt facilities.
Mears intends to merge the newly acquired business - which operates in Scotland and the North of England - with its own care division in Scotland. From there, plans to win more contracts throughout the rest of the UK will be put into action.
Mears says the gross assets of the new business are valued at £150,000, while the operating profit connected to the assets being bought are thought to be worth £1.5 million.
Chief executive of Mears Group, David Miles commented, “This acquisition is the first step towards implementing our stated strategy to develop a broader care offering to our clients.”
“The social care market has significant opportunities for organic growth and for further acquisitions.”
Mears Group also recently announced that it has won a £20 million contract to install solar panels with Cross Keys Homes. Mears will work alongside British Gas to put in panels to over 3,500 homes in Peterborough, in what is believed to be the biggest social housing solar panel scheme in Britain so far.
This territory is one of the highest-profile and successful facilities in the UK. The team are passionate about the business and the outstanding care they provide and will support the new owners with the continued growth of the brand.
LEASEHOLD
This is a long-standing facility which has proven to be highly valued in the area, recognised as a premium provider of care. There is a great spectrum of demographics in the area suited to the Home Instead franchise model, with a high proportion of a...
LEASEHOLD
There is huge potential for this facility, the new owner will find an enthusiastic team of very capable individuals who are eager to continue developing the business.
LEASEHOLD
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