Carewatch Returns to Growth in 2009
Carewatch Returns to Growth in 2009 and announces completion of its 8th strategic acquisition in the last year.
Online, February 24, 2010 (Newswire.com) - Move builds on strong 2009 and kicks off planned growth schedule
The UK's national provider of local home care and support, Carewatch, completed its 2009 acquisition programme with the purchase of Always There Homecare Limited, a homecare business with seven branches based in the North West, the Midlands and North Wales and Four Seasons Home Care, based in Burnley, Lancashire. This marks the eighth acquisition for Carewatch since early 2009 which saw substantial growth in the network following the Lyceum Capital-backed take over of the business by a new management team led by directors David Lyon, Mike Horgan and Simon Overgage in October 2008. Acquisitions in the last year include 6 branches acquired by Carewatch from its franchisees. Carewatch now has some 147 branches across the UK, of which 115 are franchisee-operated, and will continue its acquisition strategy into 2010 and beyond.
David Lyon, Joint Managing Director, Carewatch, comments: "The purchase of Always There and Four Seasons strengthens our already comprehensive reach and is further evidence of our strategy of acquiring high quality local businesses who can benefit and flourish by being part of a national network backed up by a strong infrastructure.
"Last year saw Carewatch move forward in all areas with increases in turnover and performance including some substantial contract wins. Our franchisee and company-owned business has experienced increasing growth in hours of care delivered each week per week compared to 2008, reversing the decline under previous ownership. Total hours of care delivery now exceed 190,000 per week across the UK."
The ambitious expansion programme is set to continue throughout 2010 as Carewatch continues to deliver a series of initiatives that support its person-centred approach and drive to set benchmark standards of quality care and support.
The business' strategy is being supported by growth investor Lyceum Capital which has arranged funding of £54 million to date for the acquisition of Carewatch from Nestor Healthcare Group plc in 2008, new investment in improving the Group's infrastructure and for the additional acquisitions.
Lyon continues: "This development, part of a planned acquisition strategy, allows us to respond even more thoroughly to the needs of the changing care marketplace. We will use this momentum to deliver even greater levels of excellence, throughout our business and regional offices. Carewatch is dedicated to working with individuals, local authorities and other organisations to provide quality, people-centred, care and support to individuals and families within their own homes, enabling them to preserve their independence with dignity."
In addition to the new acquisitions, Carewatch has significantly strengthened its infrastructure with greatly enhanced support for the franchise network, investment in management, improved quality processes with an ISO9001 implementation programme throughout the network and an exciting IT investment programme. These innovations have all been supported by the re-launch of the Carewatch brand, designed to reflect its commitment to a people-focused approach.
Philip Buscombe, Chairman of Lyceum Capital, added: "2009 saw Carewatch start its comprehensive consolidation strategy backed up by the business critical investment needed to support its accelerated growth.
"We'll be continuing to work closely with David and the team to build Carewatch into a robust market leader, capable of providing its high level of service to an increasing number of people through a continually expanding branch network.
About Carewatch
The national provider of local home care, Carewatch, has been delivering care and support services to people across the since 1993. The company was founded on the principle of setting the benchmark standard in the provision of the highest quality of care, staff and services and this has always remained the case. Today, Carewatch provides over 22,000 people of all ages with more than 190,000 hours of care and support services each week from some 147 offices across the UK helping people maintain independence in their own homes.
In addition to supporting elderly people, Carewatch provides other support services to adults and children with learning/physical disabilities, those with mental health needs; informal carers, enabling them to take a break from their caring commitments; people with dementia, Alzheimer's disease or other long-term illness or condition; people requiring end-of-life care; people discharged from hospital and many other unique care and support situations.
Carewatch has vast experience in delivering local personalised services. The company ethos is recognised as personal, caring and supportive. Customers are able to retain their independence, dignity and security, in their own homes, from its care and support workers.
All our offices are registered with the government regulator for their particular country - in Wales the Care and Social Services Inspectorate Wales (CSSIW), in Scotland the Scottish Commission for the Regulation of Care/Scottish Care Commission (SCRC), and in England the Care Quality Commission (CQC).
Please visit www.carewatch.co.uk for more information.
About Lyceum Capital:
Lyceum Capital is an independent private equity firm which is investing in innovative and growing UK-headquartered businesses.
Lyceum Capital works alongside management teams to increase scale and capture market share by investing in revenue growth and infrastructure, driving operational improvements, supporting organic growth and sourcing and funding complementary acquisitions.