LNT Group agrees sale of care homes for ‘more than £100m’
RESIDENTIAL care group Ideal CareHomes has sold more than half of its properties to Anchor in a deal worth more than £100m.
The Leeds business, which is part of the LNT Group run by entrepreneur Lawrence Tomlinson, has sold 24 care homes across the north and midlands. The deal, which has been described as “the biggest deal of its kind since the financial crisis in 2008”, increases Anchor’s portfolio of care homes to 114.
“We had not planned to sell these homes but when the opportunity arose, I knew it was a perfect fit for all parties and would enable us to continue to grow our relationship with Anchor,” said Mr Tomlinson.
LNT Group, through its subsidiary LNT Construction, has previously sold turn-of-key care homes to Anchor, including recently-completed properties in Kidsgrove and Aylesbury.
The group, which says it has 94% occupancy across its care homes with around 60% of its revenues coming from private clients, will continue to operate its 16 care homes but plans to “focus more on the development side of the business partnering with other operators like Anchor”.
Anchor chief executive Jane Ashcroft said the deal represented “significant growth” for the company and was in line with its business plan.
Mr Tomlinson, who made his fortune from running and building care homes, added: “The care sector is a big umbrella term – certain parts of it are under pressure, but certain people and businesses have stepped up to the mark, like Ideal Carehomes have over the last five years, who can operate in the current climate and attract more private clients.”
