FRP administrators sell care homes
Administrators Chris Stevens and Ian Vickers arrange sale of Fassaroe House saving 27 jobs
FRP ADIVSORY administrators have mangaed to secure a sale of care home operator Fassaroe House.
Chris Stevens (pictured) and Ian Vickers, FRP Advisory partners, were appointed joint administrators in July to the Surrey-based care home company.
The sale of Fassaroe House has managed to save 27 jobs and ensure stability for its residents that are predominately Dementia sufferers.
Stevens said: “The company had suffered a liquidity crisis – however resident occupancy levels remained relatively strong, but financial difficulties with a small number of clients had a severe impact on cash-flow.
“To protect the underlying value of the business, it was agreed that the best course was to place the company into administration and appoint joint receivers over the property, while continuing to trade the business while buyers were sought.