Title

Chief executive of the Mears Group has announced plans to double the company's stake in the care homes market by the end of the year. Speaking exclusively to The MJ, Bob Holt said the group's acquisition of the Careforce Group for £22m earlier this year was only the beginning, and Mears planned to double its stake in the care homes market by the end of 2007, and buy another company. ‘The reason we bought Careforce was we deemed it to be the most professional company in that sector,' he said. ‘It had the highest level of quality service provision.' Mr Holt became chairman of the Mears Group in 1996. Chief executive, Stuart Black, was appointed in 2004. Mr Holt was then appointed chief executive in January, after Mr Black resigned. ‘I have a passion for this business,' he said ‘The market is still strong. Decent Homes is still out there. But our main business is repairs and maintenance. ‘I feel we are committed to the community. We are in people's homes every day. We are keen to develop.' Mr Holt said Mears currently had repair and maintenance contracts with a total of 70 local authorities. The group announced an impressive set of preliminary results last month for 2006, including an 18.6% rise in turnover, from £203.5m in 2005 to £241.4m last year. Pre-tax profits were up 28.4% from £9.8m in 2005 to £12.5m in 2006. Mr Holt said it was the firm's 11th consecutive year of record profits. ‘The good thing about the public sector is that its long-term business,' he added. ‘Our order book stretches to 2015.'

Title

FINANCE

Mears to double stake in care homes market

SUBSCRIBE TO CONTINUE READING