Carechoice profits fall to €1.86m as it eyes more Dublin nursing home sites
Profits at the biggest nursing home operator in the country - Carechoice - fell 25pc to €1.86m last year as its operating expenses rose.
The company, owned by private equity group Emerald Investments since last year, has five nursing homes in Munster and is opening its first in Dublin next week.
It's also planning to build at least two more facilities in the capital.
Within the past couple of weeks Carechoice has applied for planning permission to build a care home in Lucan, and another in Swords, north of the city.
The Lucan facility will have 124 bedrooms, while the one in Swords will have 145. It's believed it may also be planning a nursing home in Clondalkin.
Accounts just filed at the Companies Office for Carechoice show that it generated turnover of €17.4m last year, virtually unchanged on the figure it posted in 2013.
But operating expenses at the group rose to €15m from €14.5m a year earlier. Cork-headquartered Carechoice employs over 400 people and paid €9.4m in wages last year. The directors of the company noted that during 2014, all its nursing homes were full or almost full, and had waiting lists.
The group also had net current liabilities of €10.6m at the end of 2014, up from €10.6m in 2013. The accounts also show that during 2014, the company made a payment of €300,000 by way of compensation for loss of office.
Emerald Investment Partners, which is based in London, paid an estimated €33m for Carechoice last year.
One of Carechoice's founders is Paul Kingston, who continues to lead the senior management team following the company's acquisition last year.
Carechoice was owned by Michael Lane and his family, as well as other investors.
Emerald was founded by Alan McIntosh. The firm is a co-founder of Cairn Homes, the Irish housebuilder that floated on the stockmarkets in Dublin and London this year, raising over €400m.
Emerald provided an initial investment of €60m in Cairn. Cairn's co-founder is builder Michael Stanley.