Dear readers,
We are glad to announce of our new website, https://uk.webfg.com. There you will continue to have access to the full content of the Sharecast newswire, alongside an improved and expanded suite of market data and research tools for both the UK and the main international markets. As a first step in the transition to the new site, over coming days and weeks the news and data pages on Sharecast.com will redirect you towards the new website which we earnestly hope you will find even more useful than the current service. Should anyone like to comment or provide constructive criticism on the new layout or what features they would like to see added or deleted, do please send us an e-mail to info@digitallook.com. Lastly, of course, we wish to express our heartfelt gratitude for your support and encouragement over the years as we continued to grow and expand the service.
Very best,
Sharecast

Login/Register

CareTech gobbling up Selborne Care for £17m

Company News

CareTech gobbling up Selborne Care for £17m

Mon, 19 June 2017
Article viewed 581 times
http://stmedia.digitallook.com/web/img/dl/cash_pounds_sterling_money.jpg
bool(true)
CareTech gobbling up Selborne Care for £17m

(ShareCast News) - Specialist social care services provider CareTech Holdings announced on Monday that it had agreed to acquire the entire issued share capital of Selborne Care for a total consideration of £16.9m in cash.
The AIM-traded firm described Selborne as a "high quality provider" of specialist residential care, supported living and day care services for adults with learning disabilities and challenging behaviours.

Selborne is based in Droitwich in Worcestershire, and operates across the Midlands and the South West.

It has 57 residential beds in eight freehold sites, with supported living services provided to 30 service users, and "innovative" outreach and day services also offered.

Selborne was founded in 2006 by its directors John McAllister, Michael Stratford, Simon Bishop and Peter Mooney, who all had "extensive" healthcare experience, though would not remain with the business post-completion, the CareTech board said.

The company had delivered year-on-year growth since it was founded.

In the year to 31 December, Selborne reported revenues of £13.3m and EBITDA of £2.4m.

Its net assets on a debt-free, cash-free basis at 31 August 2016 were £13.4m, and the acquisition included freehold properties carried in Selborne's balance sheet valued at £12.4m.

The acquisition, which was expected to be immediately earnings enhancing, was in line with CareTech's strategy of geographic expansion according to the board, and reportedly strengthened its presence and service offering in the Midlands and South West.

It would be financed from existing cash resources.

"We have enjoyed developing Selborne since its creation in 2006 and would like to thank our staff for their support and dedication over this time whose contribution has helped Selborne become the quality operation it is today," said Selborne chief executive Mike Stratford.

"We are delighted to be handing over to CareTech who we believe share our commitment to customer focused, quality care and support services.'"

Farouq Sheikh, CareTech's executive chairman, said the firm was "delighted" to announce the acquisition of Selborne.

"The acquisition is immediately earnings enhancing.

"In line with our growth strategy, it extends our geographical reach and service offering to local authorities," Sheikh explained.

"We continue to evaluate other acquisition opportunities to further consolidate our fragmented marketplace."