Every year, a record number of care homes become insolvent. However, there is one thing you can do to help ensure that you not only avoid insolvency, but that your care home succeeds in the long term, says Christopher Briggs, director, Quality of Care
In the financial year ending March 2018, 148 care homes in the UK became insolvent. That’s pretty much double the previous year’s figure, which was higher than that of the year before. Between April 2015 and March 2017, about 4000 nursing home beds in England alone were lost because of home closures. That equates to almost 200 fewer nursing homes in the UK.1
In the financial year ending March 2018, 148 care homes in the UK became insolvent. That’s pretty much double the previous year’s figure, which was higher than that of the year before. Between April 2015 and March 2017, about 4000 nursing home beds in England alone were lost because of home closures. That equates to almost 200 fewer nursing homes in the UK.1
The care home sector is the only sector in which a rising number of insolvencies have been seen consecutively over the past eight years.2The reasons given for these home closures include the high wage bill, the cost of training, keeping up with legislation and low fees.
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