The long-serving owners of a residential care home have passed on their business, thanks to a £1.2 million loan from the Development Bank of Wales.
Gwyddfor Residential Home, situated near Bodedern, Anglesey, has been run by couple Glyn and Mary Williams since 2004. The 27-room home has now been bought by a new husband and wife team, Dr Bethan and Kayode Emola, who between them have experience in medical practice and the care sector. The purchase was supported with a loan from the Wales Flexible Investment Fund.
The home provides accommodation and care to elderly residents with 22 ground-floor rooms and five first-storey, along with two lounges, a sitting room, a glazed sunroom and a lounge bar. The purchase of the business by the new owners will protect employment locally, with the existing management team at the home remaining in place.
Kayode Emola said: “Bethan and I had been looking for an opportunity like this for some time, and we were really pleased to be able to find a home local to us on Anglesey, which would allow us to put our experience to good use while also keeping a business in local hands.
“My wife has a background in medicine and I have a background in business, so we’re pleased to have the opportunity to have brough the two together, and we look forward to working with everyone at the home to continue to provide the level of care that residents and their families both expect and deserve.”
He added: “The support we got from the Development Bank of Wales was excellent. Will Jones and Chris Hayward helped us in making sure the application process was really smooth, and things progressed well once we got the go-ahead to buy the business.” Our team of experienced solicitors from Ison Harrisons Practice and Accountants from Christian Phipps made sure the due diligence was complete in record time.
Chris Hayward, investment executive at the Development Bank, said: “It was a pleasure to work with Bethan and Kayode, and Mr and Mrs Williams, in securing Gwyddfor Residential Home for the new owners, allowing its former owners to step back and ensuring the business remains in local hands.
“This is an important business providing a vital care service, to both local authority and privately-funded residents, in a rural area, so we’re very pleased we were able to support a smooth transaction.”
The Wales Flexible Investment Fund offers loans, mezzanine and equity finance from £25,000 to £10 million to businesses in Wales.
