Serial entrepreneur Robert Kilgour has agreed a deal for two Lanarkshire care homes as he looks to double the size of his Renaissance Care business.
The operating companies for the two Uddingston properties, Rosepark Nursing Home and Croftbank Care Home, which have a total of 128 beds and employ close to 200 staff, have been acquired from the Balmer family, who run locally-owned Balmer Care Homes Group.
The deal also includes the purchase of a development site next to Croftbank, where Kilgour plans to build another care home at a later date.
Renaissance Care now has a portfolio of 14 homes with close to 700 beds, employing almost 1,000 staff. It has funded the latest deal by doing a sale and leaseback of both properties in the companies to Impact Healthcare REIT – a stock market-quoted real estate investment trust.
Kilgour founded Four Seasons Health Care in the late 1980s, building it up into a major UK-wide group before stepping down around 2000. He completed his final financial exit from Four Seasons in 2005.
He said: “We look forward to welcoming these care homes, their staff, management, residents and their families into the Renaissance Care family. This deal is another step in our ongoing expansion plans to become a major Scottish care home operator.
“We’re a nimble Scottish company, wholly-owned by the management, and this gives us a platform to develop further and faster. I would like to see us double in size over the next two to three years to have close to 30 properties in Scotland. I believe this is an achievable target.”
Kilgour has also recently made two senior management appointments – Louise Barnett and Yvonne MacKenzie.