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FRP Advisory LLP secures sale of Fassaroe House, Kent

15 September 2011

27 jobs are saved at the Care Home for patients with Dementia

The sale of Fassaroe House (Fassaroe Limited), to a Surrey-based care home owner on August 25 2011, preserves 27 jobs, and the stability of all residents at the Care Home for patients with Dementia. 

The company entered into administration on 14 July 2010, with the appointment of Joint Administrators Chris Stevens and Ian Vickers - partners at specialist restructuring, recovery and insolvency firm, FRP Advisory. Chris Stevens and Ian Vickers were also appointed joint Law of Property Act Receivers over the freehold premises from which the Company traded. The joint administrators instructed property agents DC Care and real estate advisors CBRE Richard Ellis to deal with the sale of the business and freehold property. 

Commenting on the deal, Chris 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. 

"A suitable buyer was identified and as a result, we are pleased to announce that 27 jobs have been saved, and any potential impact upon residents has been diminished." 

The detached property located in Deal, Kent, caters for 28 EMI (Elderly Mentally Infirm) care service patients.

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