Home Top Global NewsHealthcare £56 million paid in deal for six Shropshire company care homes

£56 million paid in deal for six Shropshire company care homes

by Ozva Admin
£56 million paid in deal for six Shropshire company care homes
Stretton Hall - Care of Morris
Stretton Hall – Care of Morris

The six nursing homes will continue to use the Morris Care name and clients have been warned they shouldn’t notice any difference.

Morris & Company says it plans to invest more in the healthcare sector and is already planning to build new nursing homes as part of its real estate growth plans.

The residences have a total of 438 high-quality beds, of which 400 are en-suite, with five residences in Shropshire and one in Cheshire.

Oldbury Grange extension. Photo: Morris Care.

Impact says that each of the houses has an established track record of delivering strong operating performance. Four of the homes have EPC ratings of B, and two have a C rating, with general strategies in place to achieve a B EPC rating.

A statement said: “Morris Care enjoys a strong local reputation for providing high-acuity care and has established good working relationships with local NHS clinical start-up groups. The providers have granted a license for homes to continue to market under the Morris Care brand for three years and the Morris Care operational management team will transfer to Welford Healthcare (an Impact tenant), which will operate the homes.

“Welford is a tenant of the existing group and the investment will take the group’s relationship with Welford to 18 nursing homes across England with 1,087 beds.”

Corbrook Park. Photo: Morris Care.

Nursing homes included in the agreement are: Isle Court Nursing Home (80 beds); Radbrook Nursing Home (63); Oldbury Grange Nursing Home (69); Morris Care Center (96); Corbrook Park Nursing Home (80); and Stretton Hall (50).

The deal involves 80 per cent of the £56 million in cash (£44.8 million), with the balance being paid in shares.

Impact has issued Morris 9,603,841 shares at a price of 116.62 pence per share. Impact is using cash and stock, and is financing the investment in Morris initially through a loan to Welford.

A statement said: “The structure creates several benefits for all interested parties, including the possibility for Welford to take immediate operational control of all six houses, thus avoiding a potentially lengthy transition period while regulatory approvals are sought to register the operation. of houses into new legal entities.

It is seeking regulatory approval for the move from the Care Quality Commission.

The entire Morris Care team at 560 will continue to operate as Morris Care.

Robin Morris, Chairman of Morris & Company, said: “We are confident that the transfer to Welford Healthcare as the new operator will ensure the continued high quality of care our residents have come to expect, while helping our family business make long-term investments to meet our future aspirations.

“It is the dedication and professionalism of our outstanding care team that has ensured that Morris Care’s service, care and culture are of the highest level. I would like to take this opportunity to thank CEO Lucy Holl and all members of the Care team for their hard work and wish them continued success in the future.”

Pete Madden of Welford Healthcare commented: “As we continue to implement our acquisition strategy focused on high-quality, well-performing nursing homes, we are delighted to welcome Morris Care nursing homes to Welford. We look forward to beginning to work with the team and the resident communities.”

A Morris & Company spokesperson added: “Today’s announcement presents an opportunity for this fifth-generation family business to continue to invest in new development, create jobs, support the community and boost the local economy.”

You may also like

Leave a Comment