Tue, 02 Dec 2014 | ADMINISTRATION
A 25-property care home group has been purchased out of administration, therefore ending any uncertainty for the future of the residents and staff.
The administrators Clare Boardman, Bill Dawson and Dan Butters of Deloitte, came in to manage matters for Executive Care Group on 26 November 2014, and promptly sold on the business and assets to Conduit Street Holdings, an investment outfit set up by Monarch Alternative Capital.
The arrangement protects the situations of 1,100 residents in 25 care homes as well as 1,800 employees’ jobs.
Twenty of the care homes are in the North East, with the remaining homes located in Yorkshire, the North West, Scotland and East Midlands.
Monarch Alternative Capital had already invested in the care group’s secured debt, before making its recent move to rescue it out of administration. It has since outlined its intention to plough millions of pounds into installing new IT systems, refurbishing the properties and rolling out a staff training and development programme.
Matt Glowasky, co-head of Monarch’s UK office commented: “The operations of all the care homes have now been secured and Executive Care has great growth potential; the business is now able to move forward with its mission of serving residents.”
Trade creditors to the care home group are to be fully reimbursed, Monarch confirmed.
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Executive Care Group Limited
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