Sale of Care UK care home business under way, says FT

Private equity firm Bridgepoint has begun the sale of Care UK’s care home business, according to the FT.

The newspaper reported that the first round of bids for the bids had been received by investment bank Rothschilds, which is advising on the deal.

Reports that Bridgepoint was seeking a buyer for Care UK first emerged in February (see Private equity firm seeking Care UK buyer).

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The FT said that Bridgepoint, which acquired Care UK for £420m in 2010, was looking to sell the business in two parts with the care home operation the first to go under the hammer.

Care UK operates 114 care homes with almost 8,000 beds with self-funders accounting for around 44% of its residents, according to LaingBuisson.

The company currently owns around 35% of its homes after being forced to sell some of its assets to pay off debt.

It has opened 31 new homes in the past five years and has a further 26 in the pipeline, the FT said.

Care UK said it did not comment on media speculation when contacted by CHP.

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