Nursing home business counts John Magnier, Dermot Desmond and JP McManus among its backers
, saw its profits rise last year even as rent paid to a company owned by the controlling investors rose more than 4 per cent to £119.9 million .
Separate accounts for Limecay show that the value of its properties declined by £26.8 million last year to £1.86 billion, amid higher interest rates. Limecay owed £1.43 billion to creditors at the end of December, including more than £1 billion in bonds issued by it in the Cayman Islands more than a decade ago.I’m an expert in headlines that start with ‘I’m an expert’.
The group said that its commitment to pay staff above the UK national living wage saw its costs increase last year. Still, it managed to reduce its reliance on agency staff during the period. “This includes the continuation of investment in the maintenance and enhancement of our existing estate as well as growing the business further through the opening of new, purpose-built premium care facilities.”
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