Executory/Administration of care homes

Quantuma oversee the Nightingale Care Group Administration.

Overview:

  • Group of one non-trading/11 trading care homes
  • Originally a short trading period of significantly less than a year was anticipated, whilst immediate offers were sought
  • Trading at most homes has now been sustained for three and a half years. This was primarily due to the managing agent’s assertions that value could be added through an extended trading period
  • Managing agents were engaged to oversee day to day and CQC issues, etc.
  • In conjunction with managing agents, a staggered closure sale programme has been considered throughout
  • Indebtedness – Bank 1: £23m. Bank 2: £12m

Outcomes:

  • Monitoring of trading, cap-ex requirements etc.
  • Liaising with sales agents to establish best methods of disposal
  • Exploring SPV options for a Bank to acquire the portfolio
  • The majority of the homes have now been sold
  • Lenders likely to recover c.£16-17m
  • On-going effective reporting to secured creditors on progress

 

For more information on Administration, please click here