Darlington-based Quality Care Homes, which operates 43 nursing homes in the Midlands and North, is in talks with a US real estate investment trust which plans to bid for the group. Including a further three homes still under development, QCH runs a total of 2,456 beds.
Chairman and chief executive Duncan Bannatyne, who has built the company’s assets up to £59m (excluding a £14m revaluation reserve) in the past ten years is looking to sell his 51% stake.
“I enjoy growing companies and building them up. That’s easy in a growth market. Now I want to concentrate on other business interests,” says Bannatyne. These include Just Learning a day nursery operation and Bannatyne’s Health & Leisure clubs.
Bannatyne was unable to confirm details of the bid, or name the bidder. The deal is rumoured to be worth around £45m. The company’s shares rallied 35p to 309p on confirmation talks are in progress.
EGi News 29/04/97
