Colbury House, nursing and residential home near Totton, Hampshire, has been sold to existing care home operator, Park Healthcare Ltd, through Christie & Co at an undisclosed price.
Colbury Care Ltd, previous owners of Colbury House nursing and residential home – a 51-bed home registered for 58 service users – went into administration during November 2019 with Christie & Co being appointed to market the business by BDO shortly thereafter. The property is located in a site of over three acres on the edge of the town of Totton and the New Forest.
Despite the marketing process commencing at the start of the COVID-19 pandemic, a good level of interest was obtained for the business, with multiple offers being received. A sale was eventually agreed with Park Healthcare Ltd, making it the second nursing home the company has recently purchased through Christie & Co.
Park Healthcare's Managing Director, Ramesh Dalton, said, “Having purchased Hays House NH and Hays Park Retirement Apartments in Dorset through Charles at Christie & Co a few years ago, we started to look for another opportunity and Colbury House was of interest straight away.
'Whilst it will take a bit of time to improve the property and business, we believe this will be an excellent care home and we are looking forward to working with the staff and families to make lives better for our residents.”
Charles Phillips, Director at Christie & Co, who handled the sale, added, “We were delighted to act on behalf of BDO and were very pleased with the high level of interest and multiple offers received for this property.
'It has been a pleasure working with Mr Dalton again and we hope he will be ready to purchase another home soon through us. With the assistance of Christie Finance which sourced funding, we are very pleased to have reached the successful completion of this sale.”
David Ward, Senior Director at Christie Finance, commented, “In the toughest lending market for care homes that we have seen for at least 10 years, it’s been fantastic to be able to help Ramesh with his negotiations and source the finance that he needed to allow him to add Colbury House to his care group.
'Ramesh’s excellent track record in the sector played a large part with the bank and will allow him to turn the home around and help it to grow again. I have worked with Ramesh many times over the last two decades and I look forward to working with him again on future acquisitions.”