Fri, 10 Aug 2012 | BUSINESS SALE
A group of Irish investors are considering selling their shares in a loss-making UK care home chain following a number of scandals relating to the business.
The investors, led by Denis Brosman, are looking at selling their shares in the Castlebeck business, which was shown to be making a loss in its latest financial figures for the period to the end of 2010.
Talk of selling up arose before the recent scandal broke regarding Castlebeck but the care home business has been at the centre of a new furore regarding the mistreatment and abuse of some of its disabled patients by staff, and shareholders were among the groups to be blasted in a report into the scandal, which also accused the police, regulators and other emergency services.
The author of the report, Dr Margaret Flynn, accused the firm of having failed to act despite the fact that its own staff and human resources records demonstrated a serious lack of properly trained staff. She noted that there was evidence of the “institutional abuse” of patients, with vulnerable patients shown to be “chronically under-protected”.
What will happen to the group now remains to be seen, but a new management and brand name could help to rebuild a care home business that maintains acceptable levels of patient treatment.
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