£2.85 Million Care Home Buy-Out

One of Lancashire’s largest independent social care providers has been acquired in a £2.85 million buy-out.

Preston-based Ravenscroft Homelink and Practicare Ltd, both part of the Ravenscroft Group, have been bought by the Claimar Care Group Plc, a leading provider of domiciliary care services across the North West and Midlands.

Moore and Smalley Chartered Accountants and Business Advisors, based in Preston, provided corporate finance advice, while Preston-based niche property law firm Harrison Drury, also acted on the deal.

Barry Lewis, chairman of the Ravenscroft Group, said: “After 21 years running the business and growing it into what it is today, it was time to sit back, take stock and start thinking about the long-term future and retirement.

“The Claimar Care Group approached us some time ago and after great deliberation, we decided that the time was right to accept the offer and sell the business.

“Thankfully we had Harrison Drury, who have advised us for 30 years, and Moore and Smalley on our side, which helped make the whole sale process run as smoothly as possible.”

advertisementRavenscroft Homelink and Practicare are domiciliary care providers, which currently employ around 370 care workers.

For the year ending March 2007, Ravenscroft Homelink recorded £3.8 million turnover, and £410,000 profit before tax, while Practicare’s turnover hit £1.1 million with profit before tax of £68,000 during the same period.

The two companies, established in 2002 and 1991 respectively, currently deliver around 9,000 hours per week to Lancashire County Council (LCC).

LCC is an existing customer of Claimar and following the deal it will become the largest provider of domiciliary care services to the authority.

Rob Kenmare, Moore and Smalley’s corporate finance partner, said: “Barry and Susan have both worked extremely hard to grow the Ravenscroft Group into one of the biggest providers of care in the county, which also helped drive forward the deal with the Claimar Care Group.

“By selling Ravenscroft Homelink and Practicare they can focus their efforts on their other business, Ravenscroft Rest Home, whilst having more time to enjoy the fruits of their labour.”

The owners of the Ravenscroft Group, Barry Lewis and Susan Dewhurst, will concentrate on their other business, the Ravenscroft Rest Home in Longton, near Preston. It provides 36 beds, including 10 in a Centre for Independent Living, a rehabilitation unit for the elderly operated for Lancashire County Council.

Dan Lyon, from Harrison Drury, added: “Over the years Ravenscroft Homelink and Practicare have been very progressive and ambitious companies which have established excellent local reputations. However, the owners, Barry Lewis and Susan Dewhurst, had taken the business as far as they wanted and it was time for them to start winding down and the acquisition by the Claimar Group was a good move all round.”