Churchstoke care home is snapped up by investment firm
A large care home on the Shropshire and Mid Wales border has been bought out by a London investment firm.
St Nicholas House in Churchstoke, which has 49 single beds, has been bought from previous owners Roger and Sheila Hill by RDCP Care, the care home management arm of RD Capital Partners.
All staff will be retained in the move, which is the second in the region by RDCP Care this year, after it took over Kings Bromley Care Home in Staffordshire.
The home is in a former vicarage in Churchstoke which was built in the mid-19th century, and was established as a residential care home in 1986. In 2010 it was extended to provide nursing and residential services for 49 people.
Sameer Rizvi, managing partner of RD Capital Partners, said: “Since completing our first acquisition earlier this year, we have been focused on expanding our portfolio in the Midlands and Wales, seeking appropriate opportunities.
"St Nicholas House has proven to be an excellent addition. It is a beautiful purpose-built nursing home that is very well managed, profitable and has a reputation for providing quality nursing and residential care.”
The takeover, which was for an undisclosed sum, was backed by a seven-figure funding package from Allied Irish Bank.
The investment firm's initial strategy had been to acquire businesses worth about £10 million through three or four acquisitions, but the finance package has allowed that to be achieved with the two larger deals.
The group employs more than 130 people.
Newly promoted regional manager Rosie Howell will oversee the combined operations and work with the manager of St Nicholas House, Stephen Evison.
“RDCP Care’s mission for the year was to reach the £10 million group enterprise value milestone," Mr Rizvi added.
"We set out to achieve this via three or four acquisitions. However, with strategic input from David Booth at Allied Irish Bank we honed our strategy towards surpassing £10 million but with much larger, fully purpose-built healthcare businesses.”