Jun 01, 2015
The transaction completes a refocusing of Care UK’s health and social care portfolio following a strategic review of options for mental health, learning disability and domiciliary care services, and allows the organisation to concentrate on the development of its market leading provision of primary and secondary NHS health services and on the completion of its programme of new residential and nursing homes.
Mike Parish, Chief Executive, said: “We are pleased to have reached very positive outcomes for patients and services users, colleagues and commissioners in all three services. The strategic review process which is now completed strengthens Care UK’s positioning for future growth within both the health and social care sectors.
“Working with supportive shareholders, who continue to actively contribute to our growth and development strategy, we are strongly focused on how to give greater support to NHS commissioners and to continue to grow our residential care services to meet the rising aspirations of self-funding families and the funding challenges facing local authority commissioners.”
The transfer of learning disability services to Lifeways and mental health services to Partnerships in Care were both announced earlier in May.
Overall, the three transactions resulting from Care UK’s strategic review have realised £130 million (before fees and expenses) from services representing a combined annual EBITDA of £12.9 million for the preceding year. Care UK remains one of the leading health and social care providers in the UK with an annual revenue base of £600 million from strong market leading service lines, which are well matched to the needs of commissioners.
Mike Parish said: “Care UK has a strong record of growing services across the health and social care markets, and has now taken clear decisions as to which services best fit our future portfolio and which will better fit within other strong provider organisations seeking to build their own market leadership in discrete sectors.”
Service users and commissioners of Care UK’s domiciliary care services should not see any changes in services and care workers, operational leaders and support teams are transferring to Mears on their existing terms and conditions.
Mike Parish said: “Many exceptionally committed colleagues who have delivered high quality care, often in challenging circumstances, are now moving to new providers. I very much appreciate their contribution to Care UK and wish them well for the future.”
Care UK’s programme of new residential and nursing care homes has delivered 18 new facilities over the past two and a half years, with at least 15 more to come over the next three years.
Care UK continues to be the leading independent provider of elective surgery, free at point of use for NHS patients through 10 NHS treatment centres, and is the largest independent provider of healthcare within the justice system, of out-of-hours GP services and the NHS 111 urgent care telephone service.
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