HIGHLY PROFITABLE CARE HOME - South East Cornwall
Price:
Freehold - £995,000
Business Type:
Care Businesses
• 70% FINANCE AVAILABLE FOR EXPERIENCED APPLICANTS (SUBJECT TO STATUS)
• MID 1980’S CONVERSION WITH LATER EXTENSION IN 1994
• PERSONAL CARE REGISTRATION FOR 20 RESIDENTS
• INTEGRAL DOMICILIARY CARE BUSINESS RUN ALONGSIDE
• SET IN ATTRACTIVE GROUNDS WITH ROOM TO EXPAND
• VERY HIGH OCCUPANCY RATES MAINTAINED WITH STRONG PROFITABILITY
• HIGH LEVEL OF REGISTERED DEMENTIA PATIENTS LOCALLY
• EXCELLENT REPUTATION THROUGHOUT WIDE CATCHMENT AREA
LOCATION:
The home, which is very conveniently positioned to serve a wide catchment area, stands in a most attractive position with a predominantly rural aspect in South East Cornwall. Interested parties are invited to contact Adams & Co for a brief discussion regarding their requirements and financial position following which more details will be released.
BUSINESS:
This highly regarded and very profitable residential care home has been operated by the same family for more than 20 years. Holding a personal care registration for 20 residents the home maintains very high occupancy rates assisted by the separately registered domiciliary care business operated alongside for the past 10 years within a 6-7 mile radius, which ensures there is always a waiting list for any vacancies that arise. The home has a Good 2 Star Rating with the Care Quality Commission.
The property, which is set amid substantial and attractive grounds understood to comprise c 2.5 acres in total, is suitable for further extension if desired, plans having already been drawn up by the current owners given the demand which exists in the area for EMI care (we are advised that this locality has the highest level of dementia patients within the County).
There are two x twin rooms (each with ensuite facilities) and 5 x single rooms (2 with ensuite facilities) on the ground floor and 11 x single rooms (3 with ensuite facilities) on the first floor. Most bedrooms benefit from countryside views.
Financial performance under the current owners has been very strong and the business would appear capable of servicing substantial borrowing if required.
YEARS ESTABLISHED:
We understand that the property was formerly a hotel and was converted for use as a residential care home in the mid 1980’s. The current owners acquired the business in 1988 securing a registration for 12 residents and a substantial extension was completed in 1994 following which the registration was increased to 20.
TRADE:
Please note that if a business is VAT registered, all figures exclude VAT.
The vendors advise that the average fee income per resident is currently £410 pw (generating £8,200 pw from 20 occupants). The domiciliary care business delivers in excess of 150 hours care each week (gross income above £2,400 pw) and a ‘meals on wheels’ service is also provided for 8 clients.
Accounts for the year ended 30 April 2010 confirm sales of £476,688 and abridged net profit of £142,556 after wages of £243,177 (51% of sales) which includes the salary paid to the vendor’s daughter.
REASON FOR SALE:
The vendors plan to take early retirement and intend to move abroad upon completion of the sale. Their daughter will remain locally and would be prepared to continue to manage the home for new owners, subject to the agreement of satisfactory terms.
STAFF:
The home and the associated domiciliary care business is managed and run by a family of three (mother, father & daughter) with the assistance of 23 staff working various hours.
BUSINESS PREMISES:
(all sizes are approximate & should be considered 'nominal'.)
The original part of the property appears to date from the 1930’s/1940’s and is understood to be of concrete block construction externally rendered under a pitched and tiled roof. Since then substantial extensions have been added at various times these being of concrete block cavity walls externally rendered under timber framed flat roofs clad in bitumen felt. The latest extension was added by the current owners in 1994.
There is a comprehensive fire and nurse call system throughout the accommodation together with internal door locking systems and alarms.
The premises may be described in summary as follows:
Ground Floor:
• Main entrance with porch
• Small reception area
• Communal area incorporating two lounges, one with access to a garden terrace, with adjoining dining room and separate EMI lounge/dining room
• Bedroom 14 – single with ensuite shower and WC cubicle
• Bedroom 15 – twin with ensuite WC
• Bedroom 16 – single
• Bedroom 17 – twin with ensuite shower and WC cubicle
• Bedroom 18 – single
• Bedroom 19 – single
• Bedroom 20 – single with small dressing room, ensuite shower and WC
• Bathroom – bath with hoist, wash basin and WC
• Separate WC
• Store cupboard
• Kitchen – modern commercial kitchen, fully equipped with multi-burner range oven, twin deep fat fryer, commercial mixer, microwave oven, commercial dishwasher (the latter on hire agreement), refrigerator, stainless steel preparation surfaces, fitted units and roll edged work surfaces
• Laundry – commercial washing machine and separate dryer (both on hire agreements) and sink unit
• Office – being a former conservatory overlooking the garden
From the principal corridor serving the ground floor a carpeted staircase with fitted stair lift rises to:
First Floor:
• Bedroom 1 – single
• Bedroom 2 – single
• Bedroom 3 – single with ensuite shower room with WC
• Bedroom 4 – single
• Bedroom 5 – single with 2 built in cupboards
• Bedroom 7 – single
• Bedroom 8 – single
• Bedroom 9 – single
• Bedroom 10 – single
• Bedroom 11 – single with ensuite WC
• Bedroom 12 – single with ensuite WC
• Bathroom 1 – bath with hoist, wash basin and WC
• Bathroom 2 – wet room with shower, wash basin and WC
• 2 x store cupboards
• Fire escape
Lower Ground Floor (accessed externally from the garden at the rear of the property):
• Office
• Staff Room
Plans have been drawn up, but not submitted, for a further extension of the property to add 9 further bedrooms, each with private facilities, which would enable the registration to be increased to 32 residents.
Note:
Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.
PRIVATE ACCOMMODATION:
(all sizes are approximate & should be considered 'nominal'.)
The vendors live in a nearby village and as currently arranged the property does not incorporate owner’s private accommodation.
OUTSIDE:
The property is approached via a private driveway from the main road, this extending to c 200 metres and leading slightly downhill to a spacious car park capable of accommodating up to 10 vehicles with a degree of co-operation.
To the side and to the rear of the property lie extensive and slightly sloping grounds incorporating 2 sheds, mature trees and shrubs, areas of lawn and flower beds attracting considerable wildlife, the whole understood to comprise c 2.5 acres.
North Yorkshire
£ 750,000
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