A south Wales nursing home has been sold to a new entrant into the care market.
Represented by Douglas-Jones Mercer (DJM) solicitors in Swansea, Talbot Court Nursing Home in Port Talbot was sold by Christie & Co to Carehart Ltd.
The home had a guide price of £1.5m and was sold for a large but undisclosed sum thanks to a funding package provided by Barclays.
New directors Ashraf Hameed and Dr Hasan will oversee the day-to-day operations after owner Wendy Morris retires following 25 years at the helm.
While Carehart Ltd. is a new entrant to the care market in south Wales, its directors bring over 30 years of experience within the health care sector including experience in managing care homes.
The home currently accommodates up to 30 users, but there are plans to convert the neighbouring office building to increase the number of bedrooms.
Sheraz Akram, head of corporate and commercial and director at DJM, said: “I am extremely pleased to have assisted on this transaction. Carehart Ltd. has ambitious growth plans, so this is an important strategic step to provide the high quality of care required for more people in south Wales.”
Ashraf Hameed, director of Carehart Ltd., said: "We’re thrilled that the sale of Talbot Court Nursing Home has gone through successfully. There is a big demand forwell-run care businesses within south Wales and we look forward to meeting the current residents and welcoming new ones in due course.
“We hope to grow the size of Talbot Court so we can extend the high quality of service to others and also look to expand operations further."
Sheraz Akram is a member of the board at DJM Solicitors and specialises in corporate and commercial law. With a career in Wales spanning the last decade, Sheraz hasbeen involved in transactions of varying size and complexity, the largest of which was a disposal with a value of £80 million, which places him perfectly to comment on contract law.
Graeme Egan, Barclays Relationship Director, said: “By really understanding the business and the industry sector, Barclays has been able to deliver a funding package to support this acquisition. A £1.5 million investment demonstrates both Barclays’ and our clients confidence in the continued growth and success of the business, and the talented management team.”
For more information please visit www.djm.law.co.uk