Specialist business property adviser Christie & Co has announced the sale of The Waverley Care Centre in Penarth, South Wales, in one of the largest single-asset care home transactions in Wales, supported by Barclays Bank.
The Waverley Care Centre is one of leading care homes in Wales and has been under the same family ownership since its opening in 1980. The home, which offers care for up to 129 residents, occupies a site of one acre in a stunning position in the town of Penarth close to the sea front. It has a glowing local reputation and is one of the major employers in Penarth, with over 170 locally based staff who specialise in providing nursing, dementia, and functional mental health care.
Acting for the Directors of Waverley Care Centre Limited, Mr George and Mrs Anne Moore, Christie & Co undertook a discrete marketing campaign and identified experienced local providers Mr Jacob and Mrs Beena George of Bellavista Care Homes who completed on the sale on Monday 12 October in a deal funded by Barclays Bank.
Thanks to the successful sale, Mr and Mrs Moore are now able to retire after 38 years in the industry. They comment, “The Waverley Care Centre has been such a big part of our lives for so many years. We are delighted that it will now be in the hands of Jacob and Beena who will continue to put the culture of care and happiness of the residents at the heart of everything. We would also like to thank our loyal staffing team for all the hard work over the years, none more so than this year which has seen the team go above and beyond in the face of the pandemic.”
New owners Mr and Mrs George already own two care homes in Barry and Cardiff and the acquisition of The Waverley takes their portfolio to 231 beds. They comment, “We are hugely excited by the opportunity to take the helm at the Waverley and would like to thank George for his support throughout the process. When Christie & Co first approached us with the opportunity, we knew it was the right fit for our portfolio and we look forward to working closely with the staffing team to continue the high quality of care that is provided at Waverley. The Waverley and Bellavista, together with the committed excellent management and resources, will definitely enhance the Nursing and Dementia Care in a friendly relaxed setting to all our service users.”
Rob Kinsman, Regional Director at Christie & Co, who handled the sale, comments, “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 was facilitated by Relationship Director, David Morgan. David comments, “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.