Property developer McGoff Group Projects to grow new care home group after the sale of previous group, New Care, to Lovett Care in 2024.
The McGoff Group Projects is set to grow new care home operator, Dunham Care, after £15m backing from investment platform AJ Bell founder Andy Bell and a former director.
The funding will primarily support Dunham Care, the group’s new care home platform, which opened its first home in Herne Bay, Kent, earlier this year. Two further schemes are under construction in Bowdon, South Manchester, and Congleton, Cheshire, the company said.
McGoff said a further eight care home settings either have planning consent or are subject to imminent planning applications. The pipeline is expected to be delivered over the next five to seven years, including a planned cluster of developments in the South-East as the group looks to widen its footprint.
McGoff said Dunham Care will build on the group’s previous care home operator, New Care, which developed and ran design-led homes aimed at the private fee-paying market. The New Care estate was developed, operated and sold over a number of years, with McGoff saying the combined gross disposal value totalled about £275m and that the business employed more than 1,200 people at its peak. A later transaction with HIG Real Estate-backed Lovett Care completed in October 2024, it said.
Chris McGoff said the investment was a “vote of confidence” adding that demand for “state of the art care homes” was rising as demographic pressures increase and older settings become “obsolete” amid tighter regulation and higher energy and employment costs. He also pointed to “large-scale investment activity in the sector”, including Welltower’s acquisition of Barchester, as evidence of continued confidence in the UK care market.
Bell said he and Lyons saw “a compelling opportunity” to back experienced developers of “income-generating assets”, and described Dunham Care as a chance to build “at scale” on McGoff’s track record.
