Queensland-based PresCare announced yesterday it is quitting the business of residential aged care and selling its six facilities across the state.
New PresCare CEO Wayne Knapp, who was chair of Prescare up to 2014, said the decision to exit residential care was made after a “detailed and careful review” of the business.
“The ongoing capital required to be invested by providers is significant,” Mr Knapp said.
“It has been determined it would be better to redirect the Church’s resources to a broader range of ministry, rather than the current concentration of PresCare’s aged care operations”.
“Therefore, the facilities will be sold to suitably qualified and resourced alternative operators”.
Mr Knapp said PresCare would seek to make it a condition of any sale that “existing residents are able to remain in place wherever possible and employees are given every opportunity to transfer to the new owner”.
PresCare – a ministry of the Presbyterian Church – has begun a formal sale process for its RAC portfolio, with interested parties expected to commence due diligence next week.
The portfolio comprises six operating facilities:
- Alexandra Gardens – Rockhampton
- Groundwater Lodge – Maryborough
- Yaralla Place – Maryborough
- Protea by PresCare – Townsville
- Vela – Carina
- Lake Sherrin – Thornlands
The facilities are licensed for approximately 600 residential aged care beds and include some independent living properties.
McGrathNicol Advisory has been appointed to manage the sale process.