Care provider Anavo has acquired five care homes in Scotland, with the purchases having been completed this April.
In 2021, Anavo took on the management of the homes after they entered administration. Having assessed the financial sustainability of the business, Anavo decided to make an offer on the homes, in a move that marks the provider’s first move into the freehold market, having previously been focussed on management contracts and leasehold acquisitions.
Anavo partner Jamie Braganza said: “We took on this project because we knew we could deliver a strategic plan for the administrators. We soon found that we were working with fantastic care teams who were committed to their residents and had the potential to deliver great outcomes. As the business stabilised, it felt natural to make this acquisition and commit to these homes into the future.
“We’re delighted to have achieved this milestone and we’re grateful to all partners for aiding us in taking this step. We’re excited to working with the teams and challenging ourselves to keep pushing these services forward.”
Philip Armstrong, former joint administrator at FRP Advisory Trading Limited, commented: “After trading the homes in administration with Anavo’s support for a number of years, we are delighted that we have been able to exit the administrations solvently and secured the sale of these homes to Anavo, who have been instrumental in delivering the improved performance at these homes that has facilitated the ongoing care to residents and secured the jobs at these homes. We wish them continued success in the future.”
