Executory/Administration of care homes
Quantuma oversee the Nightingale Care Group Administration.
- 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
- 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