An unnamed American businessperson has bought into the UK care home market after snapping up Palm Court in Dawlish, Devon, it has emerged.
The purpose-built 37-bed nursing home, which had been run under management by the current owners for a number of years, has been sold to a new entrant to the health and social care market.
The buyer, who was based in Los Angeles throughout the process, has since relocated across the pond after securing the business.
The sale was handled by Christie & Co’s Exeter office and agent, Jonathan Southgate, said that at a time when there are questions about the impact of the national living wage, the lack of nurses and Brexit on the sector, it was delighted to see a new entrant take on the business.
He described Palm Court as a “well-traded” care home.
“This once again proves that despite challenges in the market, care homes are continuing to sell,” he said. “This sale, along with three other completions that Christie & Co has overseen recently in the region, shows that there is currently a strong demand in the sector. The supply shortage of substantial care homes like this one encourages competitive pricing, so now is a good time to look at your options if you are considering a sale.”