Private equity firm has increased its investment in HC-One to take majority control of the UK’s largest care home operator.
Fresh capital will also be injected into HC-One by its other owner, Court Cavendish.
In addition, HC-One has agreed a £540m deal to refinance all of its existing debt facilities with Welltower. As part of this refinancing deal, HC-One is reducing its debt by £66m.
“We are pleased that Welltower, with its expertise and commitment to the sector, is supporting HC-One. We are confident we can improve and develop HC-One to be true to our purpose of serving at the heart of each of our communities and being the first choice for families, colleagues and commissioners,” said HC-One chief executive James Tugendhat (pictured).
“The continued support of our owners, and all of our stakeholders, gives us the confidence to weather any further challenges from the pandemic and to reinforce our strategy of better meeting the evolving, and more complex care needs of the communities we serve,” he added.
In a related development, HC-One is to give a pay rise of at least three per cent to staff.
HC-One employees who had previously been paid at National Living Wage rates will now be paid at a minimum hourly rate of £9, bringing them above the hourly minimum National Living Wage.
