Specialist business property adviser, Christie & Co, has announced the sale of The Croft residential care home in Newton Abbot, Devon.
The Croft is a personalised residential dementia care home registered for up to 22 residents. It occupies an attractive, period property that benefits from multiple extensions allowing it to provide accommodation across 22 bedrooms, 15 of which have en suite facilities. It enjoys a slightly elevated position in one of the most sought-after areas in the market town of Newton Abbot.
The home has been owned by Simon Spiller and David Tait for the last six years, over which time they have invested heavily in the building and made significant improvements to the trading performance. They felt that they had taken the business as far as they wanted to and were keen to explore other opportunities both within the sector and outside it.
Following a confidential sales process with Simon Harvey at Christie & Co, and with funding sourced through Ashley Clements at Christie Finance, it has been sold to first-time buyers, husband-and-wife team, Reginald Devaudhauscn and Jeeva Paul. Although this is their first care home, they have experience in the sector running an Agency business including overseas recruitment and, prior to completion, they were able to assist the sellers with staff recruitment all of which aided a seamless transition for the residents and staff at the home.
Simon Spiller, former owner of The Croft, comments, “David and I have sold The Croft with mixed feelings. On the one hand, we will miss our great team of committed staff, as well as residents, but, it is reassuring to know they will be in good hands with Reg and Jeeva. Now we are looking forward to taking all we’ve learned at The Croft to other projects.”
Reginald Parker Devadhason, new owner of The Croft, comments, “On our initial visit to view the home, we were very impressed by its cleanliness, friendliness of the manager and staff, and how well kept and looked after the residents were, full marks were to be awarded. The home has been and continues to be run to a very high standard. We cannot fault it. An excellent team, from the registered manager, down, which we want to maintain by continuing to work together and keeping up this high standard, now, and in the future.”
Simon Harvey, Senior Director – Care at Christie & Co, comments, “Having assisted Simon and David with their acquisition a few years ago, I was delighted to, once again, have the opportunity of working with them, this time in the sale of the home which completed within four weeks of the solicitors being instructed, so our thanks go to Rebecca Roberts and her team at Tozers and Dominic and Hayley at Wollens for sterling work in getting this across the line. Not only does this transaction show that, with commitment from all parties and great assistance from Ashley Clements at Christie Finance who organised the purchasers funding, a sale can be achieved in a tight time. It also continues to demonstrate the appetite that exists in the region for centrally located, well-run and profitable care homes and our experience of other ongoing transactions reiterates this point further.”
Ashley Clements, Senior Finance Consultant at Christie Finance, comments, “It was a pleasure to work with our clients to source the funding for the purchase of The Croft. Due to the potential challenges presented by the Budget, there were time constraints that felt insurmountable at the time. But with the support of Simon Harvey at Christie & Co, legal representatives from all sides that were willing to do what was necessary, and an extremely responsive and capable client, we were able to complete the purchase within four weeks from offer of finance. The quickest transaction of its kind that I have been involved in and heard of.
“The funding market can be notoriously difficult to navigate at times, especially for first-time buyers in the care market. Ensuring engagement with lenders using an unbiased and whole-of-market approach is the key to achieving the most competitive funding package available. It was a pleasure working with our clients to achieve completion in such a timely manner and I wish them all the best with this purchase and future endeavours.”
The Croft residential care home was sold for an undisclosed price.
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