RV announces £13m investment in more retirement schemes
RETIREMENT Villages, (RV), has acquired two existing businesses, a development site with planning permission, and secured full planning consent on a further new build scheme.
With a combined cost approaching £13million, the latest announcements add care facilities (with an annual turnover of £2.5million from 125 beds and suites) plus 50 existing and 86 planned retirement and assisted living units, to the company’s portfolio.
RV is one of the longest established developers and managers of retirement schemes in the UK. In 2006 its new owners marked RV’s 25th anniversary by announcing intentions for vigorous expansion over the next five years.
The latest acquisitions include two schemes from southwest operator Stepping Stone Group – a 30 bed care home with 22 independent living units and permission for 10 more near Honiton, Devon; and a site in Somerton, Somerset, with full planning permission for a 30-apartment assisted living scheme.
RV has also acquired The Minstrels in Boston, Lincolnshire, comprising 95 residential and nursing beds plus 29 independent living units
DEFRA has granted consent for work to begin on a new 46-bed village and country club at Mayford near Woking, Surrey.
RV has published its annual accounts for the year to 31st March 2007 showing growth of a third over the previous year (sales up 55% to £15.3m; EBIDTA up 96% to £1.96m; net assets up 32% at £18.9m and a 33% increase in units built from 689 to 918).
Nigel Welby, chairman, commented: “These latest acquisitions combined with the Secretary of State’s consent at Mayford allow us to build on what is already a solid business foundation and will be earnings enhancing.”
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