Wall Street investment firm takes controlling stake in leading care home group

US hedge fund, Anchorage Capital Group, is now the biggest shareholder in leading care home group, New Century Care.

Anchorage Capital Group, has acquired £80m worth of debt from Lloyds Banking Group, as part of the deal.

As a result, New Century Care, which runs 27 care homes in the UK, now has no debt.

The investment firm will work alongside founder of New Century Care, Paul Warren, who will retain a significant stake in the company, to support the growth and development of the business.

Mr Warren, founder of New Century Care, said: “Ever since New Century Care was founded 19 years ago, our commitment has been to provide care of the highest standard to our residents and to improve the quality of lives cared for in communities across the UK.

“The management team and staff at New Century Care are now looking forward to working with our new partners at Anchorage, and to receiving the operational support and expertise which will enable us to grow our high-quality care offer.”

New Century Care’s senior management team has spent a number of months with Anchorage Capital Group as they reviewed the operations. The two companies have pledged to look at increasing the high standards of care its residents receive and to improve the quality of lives of those under its care.

New Century Care was founded in 1995 by Mr Warren, providing long-term care to people with dementia and specialist nursing needs.

The care home group has 1,279 registered beds.

Founded in 2003, Anchorage Capital Group, LLC is a private investment firm focused on investment markets primarily in North America, Europe and Australia.

Anchorage actively supports the companies in which it invests. Anchorage has an active presence in the UK, with recent investments including leading the recapitalisation of McCarthy & Stone and establishing a joint venture with Barratt Developments.

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