Kingdom Homes: 12 care homes sold in £40m deal as owners focus on Dean Park Hotel

The owners of a Fife business have sold 12 care homes as they look to put a greater focus on their interests in the hospitality industry.

Tuesday, 18th January 2022, 1:35 pm
Updated Tuesday, 18th January 2022, 1:57 pm
Colin and Margaret Smart have made the sale in order to focus on the Dean Park Hotel.
Colin and Margaret Smart have made the sale in order to focus on the Dean Park Hotel.

Kingdom Homes Ltd was sold to Essex-based Holmes Care Group at the end of 2021, in a deal worth upto £40m.

The 12 Fife-based homes, which comprise 480 beds, were previously owned by Colin and Margaret Smart who made the decision to sell in order to retire from the care industry and focus on their hotel business.

It comes as the Smarts continue to invest in the Dean Park Hotel, in north Kirkcaldy, which they bought in 2019.

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Colin and Margaret Smart.

Martin Daw, Senior Director at Christie & Co, who handled the sale, comments, “Kingdom Homes in Fife was established by Colin and Margaret Smart in 1984 and, over the years, has grown via acquisition and development of their own new builds.

"Despite some challenging years through the pandemic, the group has continued its strong reputation for delivering quality care in homes that, in the main, offer purpose-built accommodation.

"The geographical locations and quality were a perfect fit for the new operator, Holmes Care Group, and the deal completed in 12 weeks.

“As we move further into 2022, the demand for quality care businesses continues. Increased activity from funds across the world has fuelled activity for portfolio acquisitions, and we expect to see several groups sell across Scotland throughout the year, alongside continued demand for individual assets.”

The portfolio was sold for £37.5 million, with a potential deferred payment of up to £2.5 million subject to the future performance of the homes.

After moving into the hotel business and upgrading the Dean Park, the Smart family are now looking to add a state-of-the-art spa there - creating more than 50 jobs.

The works are set to begin in the Spring subject to planning, and will boast eight treatment rooms including hair and beauty facilities, sauna, showers, ice room, café, members lounge, champagne bar, gym with studio, jacuzzi, members lounge and a 25-meter swimming pool.

There will also be 12, two-story Aqua Spa Bedrooms, taking the hotel up to 59 bedrooms.