Fri, 30 Aug 2019 | ADMINISTRATION
The company behind the Caerleon House care home in Newport, Wales has fallen into administration after citing a “cashflow situation” as the reason for its downfall.
Gwent Nursing Homes Limited was forced to call in professional advisory firm Quantuma to handle the administration process, with partners Graham Randall, Chris Newell and Paul Zalkin appointed as joint administrators.
At present, the administration has not impacted staff, and a statement from the administrators noted that no redundancies were planned.
Newell commented on the administration, saying: “Our immediate priorities are to ensure the business is maintained as a going concern and to seek a purchaser who has the financial ability to take the business forward on a more secure financial footing.”
Adding to this, Randall said: “Our immediate priority has been to start stabilising the business.
“In the first 36 hours we met staff, residents’ families, Aneurin Bevan University Health Board (ABUHB) and Newport City Council to ensure the 47 residents are receiving a high level of care and all statutory and regulatory requirements are being met.
“We have also engaged with Care Inspectorate Wales (CIW) and it is fair to say that there is relief amongst all stakeholders that we have stepped in to stabilise the business and secure its immediate future.”
Earlier in the month, ABUHB, Newport Council and the CIW provided managerial and financial support to Caerleon House as a result of the “cashflow situation”. However, now due to the administration, Gwent Nursing Homes Ltd is being marketed by Christie & Co. who are actively seeking a buyer.
Leading provider of traffic management and car parking solutions including valet parking car park management and enforcement traffic management consultancy cash and audit services and counter-terrorism systems. Serving static venues and mobile and gr...
Provides a comprehensive range of security services to commercial and residential customers regionally. NSI Gold, SIA, and SafeContractor approved. Currently provides its services to 750 active clients and has 15-year client relationships in place.
LEASEHOLD
Designs maintains & installs heating ventilation & plumbing systems for schools local authorities commercial properties industrial & defence sites including boiler & pipework installation commissioning repairs & scheduled maintenance.
|
20
|
|
May
|
Administrators seek buyer for gourmet instant noodle brand | ADMINISTRATION
Bournemouth-based instant foods brand Mr Lee’s Pure Fo...
|
19
|
|
May
|
Knights continues acquisition-lead growth strategy with £11.5m deal for law firm | BUSINESS SALE
Legal services company Knights has acquired Portsmouth-headq...
|
18
|
|
May
|
Insolvencies forecast to surge 37 per cent in 2022 as inflation hits 40-year high | BUSINESS NEWS
Businesses in the UK look set to come under continuing press...
Sign up to receive our acquisition alert emails to get your FREE guide
|
17
|
|
Aug
|
£23.7m turnover trailer manufacturer seeks buyer after entering administration | ADMINISTRATION
Lincolnshire trailer manufacturer Fruehauf Ltd has entered a...
|
15
|
|
Jul
|
Administrators seek buyer for 45-apartment Glasgow development after property firm collapses | COMMERCIAL PROPERTY
Administrators are seeking a buyer for a residential develop...
|
27
|
|
May
|
Ralph & Russo’s future in doubt after deal collapses | ADMINISTRATION
The future of luxury fashion brand Ralph & Russo is in doubt...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources