Located on the outskirts of Tiverton, Devon, The Larches is a managed residential care home, registered for 20 service users. Its now previous owners Mr Martin and Mrs Anne Gray decided, after 36 years in the care sector, to sell the care home to pursue their well-earned retirement.
Mr and Mrs Gray originally purchased the two semi-detached houses in 1987 and converted them into The Larches, which opened in September 1988, which has now been sold for the first time in 32 years.
Our specialist advisors provided legal advice to Mr and Mrs Gray throughout the sale, with Associate and Solicitor Amy Laver leading on the corporate aspects of the transaction, while Partner and Solicitor Tracey Bridgwater dealt with the property considerations.
Associate and Partner Amy Laver, from our Company and Commercial team commented, “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”.
The business has been purchased by Mr Zakir Shaikh and Mrs Shirin Shaikh who also own Ridge House care home in Devon. Both the purchase of Ri+dge House, and The Larches, was done through Christie & Co – leading specialists in business buying, selling and investing across the UK and Europe.
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.”