Cornerstone Healthcare Group acquires Kingsmead House
Ignite is pleased to announce that portfolio company, Cornerstone Healthcare Group (“Cornerstone”), has today completed an acquisition to acquire Kingsmead House in Mytchett, Surrey.
Kingsmead House is a closed nursing 40 bed nursing home. As well as buying the freehold, Cornerstone is going to invest c. £0.9m renovating the home to make its layout more appropriate for Cornerstone’s resident type.
Following renovations, Kingsmead House will reopen in March 2021 as a 42 bed home and be renamed Marula Lodge.
Cornerstone provides specialist care for older people with complex mental and physical health problems including late stage Dementia, Mental Illness and Huntington’s Disease. Ignite invested in Cornerstone in September 2018, when the business has 154 beds and operated from two homes in Hampshire. Part of the business plan was to acquire other homes and expand the geography where Cornerstone offers its best-in-class services. Kingsmead House is the first of these follow on acquisitions.