Saga develops care base with acquisition of healthcare group

Alongside providing financial services and care advice to people over 50, Saga has taken steps to establish a nationwide care network with the acquisition of a healthcare group.

The group has acquired Nestor Healthcare Group - which provides a range of social and primary care services across the north of England – in a deal worth £124 million, or 110 pence a share.

As Saga's current coverage is more focused on the south of the country, this acquisition will enable the group to develop its care base and have far wider geographical coverage.

Executive chairman of Saga, Andrew Goodsell, said, "This deal represents a great opportunity for Saga to accelerate its growth strategy for home healthcare services.

"We believe there is real potential to develop a major national branded healthcare business for our customers and Nestor's work in recent years will help us achieve this," he added.

At the end of last year, Nestor Healthcare Group reported a before tax profit of £7.3 million, with revenues of £152 million.

Nestor's chairman, John Rennocks, said, "I am pleased that we can now achieve realisation of sensible value for our shareholders by combining our businesses with two very highly regarded branded businesses," he said. The acquisition is subject to shareholder approval.

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