Tue, 18 May 2010 | BUSINESS SALE
Buyers are being sought for healthcare business Care Principles, one year after its owner Barclays wrote down its £200 million investment in it.
Barclays Capital investment division is looking for potential new owners, and is thought to be communicating with Four Seasons Healthcare, one of the largest care home companies in the UK, together with several other care home operators.
There has been no mention of a price tag, though it has been predicted that the Suffolk-based healthcare group will be unable to recoup its losses in the sale.
Property fund Three Delta bought Care Principles for £270 million in 2007, with the backing of Barclays Capital. With substantial debts looming, the bank took control in 2009.
The last recorded accounts of the company revealed revenues of £55 million for the year to 30 April 2009, while its profits stood at £4.5 million.
The group was established in 1997, and offers care services for people with learning disabilities and autism, amongst others.
It operates 430 beds in secure and community hospitals, as well as care homes. The operator currently has over 1,500 staff including psychologists, nurses, therapists and social workers.
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