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Mears acquires domiciliary care business

Social housing maintenance company Mears Group has expanded its presence in the domiciliary care market with the acquisition of Independent Living Services (ILS) for £22.5 million.

ILS provides home nursing services in Scotland to around 3,400 patients and over 40% of its work is in providing higher acuity care.

The company recorded revenues of £24.4 million for the year ended 31 January 2013.

To help fund the acquisition, Mears has placed 6,368,069 shares to raise £19.7 million. The rest of the balance will be funded through Mears’ existing debt facility.

David Miles (pictured), chief executive of Mears, said: “Fundamentally, the acquisition will provide Mears with the platform to provide higher acuity home services across the UK, complementing Mears’ existing care capabilities and developing the capability to offer longer term continuing healthcare in the home – an area in which Mears does not currently operate.”

In 2011, Mears acquired a group of home improvement agencies from Anchor Housing and the supported living division of Choices Care Community Services.

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Posted on: 22/04/2013

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