Specialist business property adviser Christie & Co has announced the sale of The Waverley Care Centre in Penarth, South Wales in a deal supported by Barclays Bank.
The centre, which cares for up to 129 residents and has been under the same family ownership since its opening in 1980, was sold on behalf of Waverley directors, George and Anne Moore to experienced local providers Jacob and Beena George of Bellavista Care Homes.
Rob Kinsman, Regional Director at Christie & Co, who handled the sale, said: “We have been advising Mr and Mrs Moore for over 13 years, and it is great to now complete this deal which enables them both to enjoy a well-deserved retirement.
“To announce a deal of this scale really does demonstrate the ongoing confidence providers and investors have in the social care market, despite the current pandemic.
“It has been a pleasure to work with Jacob and Beena over the years. We brokered the deal for their second care home in 2015 (Bellavista Cardiff) which is an outstanding facility with
Quality Nursing Care in a Dementia Friendly setting and I have no doubt that they will repeat this success at the Waverley Care Centre.”
The deal was funded by Barclays Bank and facilitated by Relationship Director, David Morgan, who commented: “Barclays is committed to using our industry expertise within the healthcare sector to support such propositions, which are vital to a prosperous economy.
“By really understanding the care sector, Barclays has been able to provide debt finance to support the business. Jacob and Beena have a real passion for quality care and significant experience in the care sector. The new management team will ensure the highest standards of care and securing long term employment for the local staff.”
The sellers were represented by Stephen Thomson, Managing Partner of Darwin Gray, and the buyers were represented by Leanne O’Brien, a Partner at Capital Law.
The Waverley Care Centre was sold at an undisclosed sum.