Confidential sale sees two Paignton care homes change hands after 23 years

Two family-run care homes in Paignton have been sold after more than two decades under the same ownership.

Mount Olivet and Kingsmount, which provide dementia and nursing care for up to 62 residents, were operated by GrayAreas Ltd for 23 years. The homes, both based in period properties, were named as a “Top 20 Care Home Group” by carehome.co.uk in 2018.

Specialist business property adviser Christie & Co handled the confidential sales process, with the homes being acquired by John Griffiths and Peter Angelides of Hadley Care in North Devon.

Tori Gray, Managing Director of Mount Olivet and Kingsmount, said: “I had a very good feeling about John and Peter upon our first meeting, and I've enjoyed the transition period. I've no doubt they will continue to take the homes from strength to strength well into the future. They have taken on a fantastic team at Mount Olivet and Kingsmount, and I wish them all well.”

The new owners, John Griffiths and Peter Angelides, said: “We were delighted to acquire the care homes to join our already highly successful Hadley Care business. Simon Harvey at Christie & Co continues to work with us on our acquisition trail to grow our group in the South West.”

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Simon Harvey, Senior Director – Care at Christie & Co, said: “Having been entrusted by the family to market the care homes on their behalf, we ran a structured and discrete marketing campaign which, given the location and quality of the homes, generated significant interest from a wide range of buyers with bids. It was obvious that John and Peter’s approach and vision for the business aligned with the family, and it was therefore agreed that the homes be sold to them.

“As with every transaction at present, the sale was not without its challenges, but a strong desire and commitment from all sides enabled a positive result to be achieved and is a further demonstration of the appetite and demand that continues to exist for a wide range of care homes across the South West.”

Mount Olivet and Kingsmount were sold for an undisclosed sum.