Specialist business property adviser Christie & Co has sold Isle of Wight care group Scio Healthcare.
The sale to Hartford Care comprises the Highfield Nursing Home in Ryde, Springfield Nursing Home in Shanklin and The Elms Nursing Home in Bembridge, as well as Courtdrift Ltd, which includes 16 assisted living apartments that have been sold on long leases to the tenants. Planning permission for seven more apartments is also included in the deal.
Charles Phillips, Director at Christie & Co, said: “It was a pleasure acting for the directors of Scio who instructed us to market the company on a confidential off market basis, as they wished to retire from the sector.
“The opportunity attracted multiple offers and we are delighted that the deal was concluded to Hartford Care in a totally confidential manner. Having worked with Hartford Care in 2017 when they purchased Burnham Lodge care home near Slough through me, I was able to identify this strong opportunity for them.”
Scio Healthcare is one of the largest operators on the Isle of Wight and the three nursing homes have a combined registration of 133 beds, with planning permission for 20 further beds at Springfield Nursing Home.
Former owner Kevin Dannat said: “Charles and his team at Christie & Co provided a professional, experienced, expert and most importantly, confidential service that resulted in an offer that met our expectations. We appreciated his early advice that led to a successful sale within the original set timescale.”
Sean Gavin, CEO of Hartford Care, added: “I am pleased to confirm that Hartford Care has formally completed its acquisition of Scio Healthcare Limited thanks to the expertise of Christie & Co. I am impressed with the smooth and effective transition for us to acquire the locations we require.
“Scio is a long-established care business that will benefit from Hartford Care’s core values of care, comfort and companionship. We look forward to getting to know the staff, residents and local communities on the Isle of Wight in the coming months.”