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Meridian Healthcare initiates strategic review

Care home group Meridian Healthcare has appointed Knight Frank to carry out a strategic review of the business to explore future financing options, which may include a possible sale, HealthInvestor can confirm.

The business operates 30 sites across the North of England, 29 of which are freehold owned, with one home operated under management for a local authority.

Meridian’s management has engaged Knight Frank to consider the options available to the business, including sustaining its organic growth (it is currently in the process of building two new facilities, which will add approximately 110 more beds to the portfolio), accessing additional bank funding or testing the market for a possible sale.

It is understood that existing Meridian management are unlikely to pursue a sale and leaseback transaction to grow their portfolio.

Meridian Healthcare, which operates residential and nursing homes and whose head office is located in South Manchester, is estimated to be worth around £150 million according to sources.

A joint statement from Meridian Healthcare and Knight Frank said: “Knight Frank has been instructed to carry out a strategic business review of the North West based residential and nursing care home operator, Meridian Healthcare.”

Meridian Healthcare employs over 1,300 staff, and provides services across its 30 care centres (1,475 single beds) and three day care centres.

Posted on: 03/06/2014

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