The Waverley Care Centre in Penarth is under new ownership in a deal providing an exit for its founders.
Specialist business property adviser Christie & Co acted for George and Anne Moore who set up the care home in early 1980s.
It has been acquired, for an undisclosed sum, by Jacob and Benna George of Bellavista Care Homes in a deal funded by Barclays Banks.
The home offers care for up to 129 residents on a one acre site. It employs 170 staff
Mr and Mrs Moore are now retiring after 38 years in the industry. They said: “The Waverley Care Centre has been such a big part of our lives for so many years. We are delighted that it will now be in the hands of Jacob and Beena who will continue to put the culture of care and happiness of the residents at the heart of everything.
"We would also like to thank our loyal staffing team for all the hard work over the years, none more so than this year which has seen the team go above and beyond in the face of the pandemic.”
Mr and Mrs George already own two care homes in Barry and Cardiff and the acquisition of the Waverley takes their portfolio to 231 beds . They said: “We are hugely excited by the opportunity to take the helm at the Waverley and would like to thank George for his support throughout the process.
"When Christie & Co first approached us with the opportunity, we knew it was the right fit for our portfolio and we look forward to working closely with the staffing team to continue the high quality of care that is provided at Waverley."
Rob Kinsman, regional director at Christie & Co, who handled the sale, said, “We have been advising Mr and Mrs Moore for over 13 years, and it is great to now complete this deal which enables them both to enjoy a well-deserved retirement.
“To announce a deal of this scale really does demonstrate the ongoing confidence providers and investors have in the social care market, despite the current pandemic.
“It has been a pleasure to work with Jacob and Beena over the years. We brokered the deal for their second care home in 2015 (Bellavista Cardiff) and I have no doubt that they will repeat this success at the Waverley Care Centre.”
Barclays relationship director, David Morgan, said: “Barclays is committed to using our industry expertise within the healthcare sector to support such propositions, which are vital to a prosperous economy.
By really understanding the care sector, Barclays has been able to provide debt finance to support the business. Jacob and Beena have a real passion for quality care and significant experience in the care sector. The new management team will ensure the highest standards of care and securing long term employment for the local staff.”
The sellers were represented by Stephen Thomson, managing Partner of Darwin Gray, and the buyers were represented by Leanne O’Brien, a Partner at Capital Law.
