Ruddington Homes Ltd sold to MY Care Group

Acting on behalf of private owners, Christie + Co has sold Ruddington Homes Ltd, the three-strong, Nottinghamshire-based care home group, to care home operator MY Care Group, for an undisclosed sum, off an asking price of £4 million. Funding for the deal was secured by Christie Finance.

Located in the village of Ruddington, five miles south of Nottingham, Ruddington Homes Ltd comprises the care homes Balmore Country House, Orchard House and St Peter’s Rest Home. The homes are situated within a three-mile radius and comprise 103 beds in total.

MY Care Group currently operates four care homes across Derbyshire and Nottinghamshire, which comprise 157 beds.

Christie Finance, Christie + Co’s sister company, secured the majority of the funding for the deal on behalf of MY Care Group via the East Midlands healthcare team at Santander Corporate Banking, who clearly understand the challenges of the sector and who are able to develop relationships with operators and provide structured funding solutions.

The specialist commercial finance broker also assisted MY Care Group in the refinancing of its four-strong group with Santander.

Lee Howard, Director at Christie + Co, said: “This deal demonstrates that the care market remains resilient despite the challenging economic climate. For the right assets we have access to capable buyers who are able to secure substantial funding.”

David Ward, Director at Christie Finance, said: “Despite the cautiousness of the banks in this difficult market, we were able to show them that MY Care Group is a very good operator in the East Midlands and that it can really add value to Ruddington Homes. This acquisition will dovetail nicely into the existing group.”

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