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Acquisition Alert

A 32-bed care home in Birkenhead has been sold to buyers from North America. Grovewood Residential Home, which was established in 1986, attracted interest from a number of parties before a sale was agreed that keeps the existing management structure in place. Gary Yeardley, associate director in Christie & Co's Manchester office, handled the sale. He said: "At their own admission, our clients were overdue retirement. It is always very rewarding to assist a well-earned retirement sale and equally as rewarding to assist buyers in the sector. "There is currently a strong appetite for care and rest home facilities in the region. We are seeing an increase in enquiries from existing operators, as well as those who are new to the sector, and we expect this level of demand to continue." Former owner Mrs Pat McArdle said: "We are very happy with the purchasers and think they have the right attitude to continue with the business." Craig Dickson of Christie Finance arranged funding on behalf of the buyers. He said: "We were delighted to secure highly competitive funding terms for our clients. Supported by a keen lender as well as the existing management team, we are sure that the new owners will help take the business forward and maintain the excellent reputation the care home has in the local community."

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