CM Company News

Premium care home provider Porthaven Care Homes LLP saw a three-fold increase in revenues reported for the year ended 31 March 2012 as its care home operation started to bear fruit. Its estate of three luxury homes generated a turnover of £4.1m with two facilities up and running and a third, Prestbury House in Macclesfield, coming on stream in August 2011. This compares to revenue of £1m the previous year, during which time it opened the 62-bed Astbury Mere in Congleton and the 90-bed Avondale in Aylesbury.

Care home operator, Signature, is set to expand into London and the Home Counties after joining forces with US-based investment management firm Heitman in a venture worth £75m.

Managing director of homecare and children operator SureCare Gary Farrer has bought the franchise business from Housing & Care 21 for an undisclosed sum.

Four Seasons Health Care has further boosted its private pay arm by acquiring seven care homes from high-end provider Majesticare. The deal sees 358 beds and 410 staff added to the UK’s largest care home operator’s estate.

Mitie reported in a pre-trading update that its homecare and social housing businesses have been experiencing a tough time. Ahead of the publication of its annual results this month, the directors reported that these two divisions have faced further pricing pressures in the second half of the year due to the impact of local authority spending cuts’. So much so it expects its full-year headline operating profit to be slightly below current market expectations.

Barclays has filed its defence in High Court proceedings brought by Graiseley Properties and Graiseley Investments, the owners of Guardian Care Homes (CCMn May 2012). In the court papers Barclays denies mis-selling products attached to the inter-banking borrowing rate Libor. Instead, the bank claims that Guardian was large and sophisticated, and understood exactly what it did.

Care staffing provider Servoca said it was pleased to record a pre-tax profit for the year ending 30 September 2012 following a challenging period for the group.

Care home property developer McCarthy & Stone reported increased losses for the year ending 31 August 2013 despite growing its turnover from £289.2m to £321m. Administrative expenses grew to £51.5m (2012: £36m) and cost of sales hit £291.6m (2012: £232.1m). After other income was taken into account McCarthy & Stone posted an operating profit of £7.9m (2012: £22.8).

MHL Hold Co Limited, the holding company of Caring Homes’ owners Myriad Group, reported revenues of £151.8m for the year ended 31 March 2015, compared to £146m the previous year.

Local authority trading company (LATC) Essex Cares, which operates under the ECL brand, moved further into the red in the year ended 31 March...