A Plymouth nursing home is to close in early February after receivers were unable to find a buyer for the struggling business.
Fanshawe Nursing Home, in Hooe Road, Plymouth, entered receivership on November 1, 2012, since which time Simon Haskew and Neil Vinnicombe, of Begbies Traynor, have striven to sell the establishment as a going concern.
The development means the home’s 21 residents are to be found new accommodation and 31 staff made redundant.
Mr Haskew and Mr Vinnicombe have extensively marketed the business during the past 12 months without attracting an acceptable offer. On-going losses now mean the business is without any alternative but to close.
Announcement of the closure was made to staff, residents and their relatives on Monday, January 6. Plymouth City Council and the Care Quality Commission have also been informed.
Mr Haskew said: “Due to continued losses, the only decision we’re able to make, very reluctantly, is to close the home. We understand this will give rise to much anxiety amongst residents and their relatives.
“With that at the forefront of our minds, we will work with Plymouth City Council to ensure that the health and safety needs of the residents remain paramount whilst action is taken to find appropriate alternative accommodation.”
Mr Haskew thanked all the staff for their dedication and support during the past 12 months.
Begbies Traynor had traded the business without interruption since their appointment as receivers.
The property is due to go to auction in the spring if not sold with vacant possession beforehand.
Interested parties who have concerns about the closure of Fanshawe Nursing Home are asked to telephone home manager Ken Dawes (01752 402164), in the first instance, or if unavailable, the receivers’ operational manager at Goldcare Future Management Ltd, Lucy Corner (01302 247100).
Simon has over 25 years mid-market corporate restructuring and insolvency experience across a wide range of industry sectors, as well as broad experience in all aspects of personal insolvency. He joined Begbies Traynor as a partner in 1999 after a formative career with Ernst & Young in Bristol and London. He is a member of the R3 General Technical Committee and recently served as the Examiner of the “rescue” paper for the JIEB exam.