The Larches care home in Tiverton sold for the first time in 32 years through Christie & Co
The Larches is a managed residential care home registered for 20 service users. The business sits in a modified and upgraded four-storey detached period residence with 18 bedrooms (16 single and two twins), 12 of which have en suite facilities. The home is conveniently located towards the outskirts of Tiverton in Devon, within easy reach of the town centre and local amenities.
The Larches was previously owned by Mr Martin and Mrs Anne Gray who, after 36 years in the care sector, decided to sell to pursue a well-earned retirement.
In 1987 the pair purchased two semi-detached houses and converted them into The Larches which opened in September 1988. The bungalow, Fig Tree Lodge, was built in 2000. They comment, “There have been many challenges in the care industry over the years, but we are really glad that the industry has finally been recognised for all the great work the staff do.”
The business has been purchased by Mr Zakir Shaikh and Mrs Shirin Shaikh who also own Ridge House care home in Devon which they purchased through Christie & Co in 2018. On their latest acquisition, they comment, “Simon was extremely helpful in facilitating this transaction due to the complexity of the purchase. Anne and Martin have had the business for 32 years and have done an excellent job at building the reputation of the care home. We now have a huge task ahead of us, maintaining and building on the high standard currently provided, nevertheless this is a challenge that we are looking forward to.”
Simon Harvey, senior director at Christie & Co, who handled the sale, comments, “We are delighted to have assisted Martin and Anne with this sale in what remains a challenging market, and to have helped Zakir and Shirin’s business to grow with their second care home acquisition – they acquired their other, Ridge House in Morchard Bishop, through Christie & Co in 2018.
“This transaction shows the appetite that exists for quality, well-run and profitable care homes across the South West and we expect to see this continue well into 2021.”
Tozers LLP provided legal advice to Mr and Mrs Gray in respect of the sale, with Amy Laver leading on the corporate aspects whilst Tracey Bridgwater dealt with the property considerations. Amy comments, “We are very pleased to have been able to support Martin and Anne in achieving a successful sale of the business and its assets. After a challenging year due to Covid-19 we wish them well for their future”.
Matt Stevenson, senior commercial banker from Arbuthnot Latham in Exeter, who assisted with the transaction, comments, “Having helped Zakir and Shirin acquire Ridge House in 2018, The Larches represents an excellent addition to their portfolio.
“Zakir and Shirin have an excellent track record in business and, whilst relatively new to care homes, they have run Ridge House very well since they took over. This has been a challenging year for the care sector and we’re proud to be able to support our clients as they plan for future growth. We wish them every success.”
The Larches was sold at an undisclosed price.