HC-One has agreed a multi-million pound deal to buy Bupa’s care home business.
Care Home Professional (CHP) has learnt that the deal, which will make HC-One the UK’s biggest care home operator, is set to be completed in the next few months.
Talks over a deal were reported by the Financial Mail on Sunday in April (see HC-One in talks over £450m Bupa care home deal) and CHP can now reveal that an agreement has been reached.
A reliable source told us that the Bupa homes were being acquired for a figure substantially below that previously reported.
HC-One Chairman Dr Chai Patel told us earlier this year he would continue to seek acquisition targets after buying Helen McArdle earlier this year (see BREAKING NEWS: HC-One buys Helen McArdle Care).
Chai, who has made his career by successfully turning around failing care home businesses, aims to build HC-One into one of four or five national care home providers which become household names synonymous with good quality care (see THE BIG INTERVIEW: Dr Chai Patel, CEO of HC-One).
His Court Cavendish business, which he founded in 1988 and grew through a series of acquisitions to become Care First, was eventually bought by Bupa after he left.
When approached by CHP, HC-One said it did not comment on market speculation.
A Bupa spokesperson said: “We’re committed to the sector and to providing all of our residents with high-quality care in our homes.”