National Care Consortium today closed a deal on two Four Seasons Health Care homes, amounting to a total of £5 million in value.

The acquired homes include the Balmoral Care Home in Sheffield, a 75-bed facility offering residential care, nursing care, respite care, palliative/end-of-life care, intermediate care, and residential dementia, and the Hemsworth Park Care Home in Kinsley, West Yorkshire, a 93-bed facility providing residential care, respite care, intermediate care, and residential dementia.

The homes were acquired through various means – cash, HSBC, and Unity Trust Bank support.

National Care Consortium chief executive Tanzeel Younas said: “These two assets are a fantastic enhancement to our current portfolio, especially since they come from local authorities, we already have a solid relationship with. While these homes might be facing some challenges right now, we’re confident that within six months, we can turn things around and have them thriving. Our goal is not just to meet the requirements for improvement but to exceed them, ensuring a positive outcome in their Care Quality Commission evaluations.”

He added: “The efficient acquisition of the homes was exemplified by obtaining CQC registration within four weeks, showcasing the NCC’s agility and effectiveness in processing applications and facilitating funding.”

In a “competitive” process with FSHC, as described by Younas, the NCC initially set its sights on 15 homes, ultimately narrowing it down to two, with the potential for three more in the pipeline.

In a recent interview, NCC further revealed its plans for expansion within the next 18 months to 50 adult care homes [2023:40 homes], 100 supported living units [2023: 85 units], and approximately 20 children’s homes [2023: 5 homes].

FSHC completed the sale of three operating and two closed sites between 18 and 21 September as well as the sale of a further nine operating sites on 30 October, as reported. The completion of these sales generated gross proceeds of £29.8 million.

In its Q3 2023 Trading and Restructuring Update, the group revealed that, since its last update back in August, it has entered into agreements for the sale of a further 26 operating sites for a value of £72 million.

Completion of these transactions is subject to customary closing conditions including regulatory approvals and are expected to complete in late 2023 – early 2024.

Dawson Radford Solicitors and Bevan Brittan were legal advisors on the NCC deal. Knight Frank produced commercial due diligence. Christie & Co advised Four Seasons on the sale.