More than 30 jobs have been saved at a South West residential care home after insolvency firm Begbies Traynor sold the seaside property for nearly £1million.
Ian Walker, senior partner at Begbies Traynor in Exeter — covering Devon, Cornwall, Somerset and Dorset — said Hilldales Residential Care Home in Ilfracombe, Devon, has been sold to HRCH Holdings Limited.
The home, which has sea views from its elevated position, specialises in caring for individuals with chronic alcohol and mental health problems, mainly for local authority clients. Hilldales has a capacity of 54 residents and currently employs 31 staff, all of whom have been transferred to the new business.
It was rated “good” by the Care Quality Commission when run by its previous owner.
Details posted on Rightmove said the property had been sold for £950,000, and that its income in 2019 had been £1.14million and with an EBITDA (earnings before interest, taxes, depreciation and amortization) measure of profitability of £224,000.
The building, formerly two semi-detached properties, covers three floors with bedrooms over ground-floor communal rooms and kitchen, with two outdoor patios.
The Rightmove details said: “The home has continued to trade successfully whilst in receivership (caused by another insolvency) although there is significant scope for a new owner to drive forward the current occupancy and, over time, create an even more profitable business.”
Begbies Traynor said it had been successfully trading the property for more than two-and-a-half years until a suitable purchaser could be found, latterly using the services of Cornerstone Care Solutions Limited.
William Forrester, director of HRCH Holdings Ltd, which was incorporated in December 2020, said: “This was a complex purchase of a home in an insolvency process. However, with Cornerstone providing the full management care service, we were able to concentrate on the financial and legal aspects of the transaction.
“With Ian’s assistance and expertise, the whole process was simplified, and I am delighted to say we achieved our completion much quicker and more efficiently than we had hoped for. Our thanks to both Begbies and Cornerstone for their invaluable help”.
Lucy Corner, director of Cornerstone Care Solutions Limited, said: “We are delighted to have worked with Begbies, who consistently maintained high care standards without questioning. We are pleased the new providers are so invested in the home and look forward to a bright and exciting future.”
