Tuesday, July 7, 2020

Six Lincolnshire care homes caring for 400 people sold

Lincolnshire-based Tanglewood Care Homes, has sold six care homes to Elevation Healthcare Properties (EHP) for an undisclosed amount.

EHP is a real estate fund advised by Elevation Advisors LLP. Tracy Ann Shelbourn, co-founder and director of Tanglewood, will leave the company after a period of transition.

Established in 1989, Boston headquartered Tanglewood operates the six care homes across Lincolnshire, employing over 550 people and providing residential, nursing and respite care for around 400 older people and younger adults.

Tracy Ann Shelbourn, said:  “Tanglewood is first and foremost a family and I’m so incredibly proud of what we have achieved together over the last three decades.  So many different people from all corners of our community have been pivotal to our many successes.

“I have been truly inspired by our incredible team members – past and present – across the group; their dedication to our residents knows no bounds.  Most of all, I am grateful to all the Lincolnshire families who have been part of our journey over the past 30 years and have helped make Tanglewood communities the happy places they are”.

Hunter Drew, partner at Elevation said: “We are delighted to add Tanglewood to EHP’s growing number of operator relationships.  Tanglewood is a leading regional operator with an excellent track record of care and wellbeing for its residents.  The acquisition will ensure continuity for Tanglewood’s staff and residents and will provide the business with capital for further growth.  This transaction is a further example of how Elevation can bring flexible capital solutions to support the growth of its operating partners.”

Browne Jacobson’s Nottingham and Cooper Parry’s corporate finance teams advised the shareholders of Tanglewood Care Homes, on the sale.

Legal advice to the shareholders was provided by partner Richard Cox and associate Sam Sharp of the corporate team at Browne Jacobson.  The Cooper Parry Corporate Finance team was led by Ben Rookes and Niall Chantrill.

Richard Cox added: “A number of factors have led to unprecedented demand for care home places, and with its strong regional identity and brand we are confident that Tanglewood will continue to flourish in the hands of its new owners and experienced management team.”

Ben Rookes, Partner, Cooper Parry Corporate Finance, said: “We are delighted to have acted on another high-profile healthcare transaction in the East Midlands. Tanglewood is a fantastic local success story and major Lincolnshire employer.  The sale to Elevation is a great opportunity for the Tanglewood team to continue to build on a very successful business renowned for providing high quality residential care.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 lockdown having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £27.55 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Advertisment








Latest posts

Works started to restore 19th century Grimsby chapel

Works have started to repair and restore a 19th century chapel in the grounds of the cemetery in Grimsby. The Grade II listed chapel buildings were...

New state of the art visitor centre a step closer for Lincoln Cathedral

Another major phase of works to Lincoln Cathedral as part of the £16.5m Connected project, of which £12.4m is funded by The National Lottery,...

Pandemic leads to cancellation of Newark Vintage Tractor & Heritage Show

After careful consideration, the Newark and Nottinghamshire Agricultural Society (NNAS) are cancelling The Newark Vintage Tractor & Heritage Show. The two-day show, which was due...

University of Lincoln research predicts digital future for law firm

Students participating in the University of Lincoln’s Graduate Skills Builder programme have recently submitted a report following a market research project to a regional...

Coastal towns receive cash injection

The Government has announced that Mablethorpe and Skegness will receive additional funding through the Towns Fund scheme as it looks to kickstart the economy...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close