Did we ever think we would see the day when Irelands Best connected entrepreneurs would be looking after the old, the sick and the handicapped in John Bull's country.?
Rest assured that if you have enough cash in the bank when you grow senile, you will be in the safest (and the wealthiest) pairs of hands in Europe. Thats whyWHY DENIS BROSNAN (pictured above) IS SMILING
No more small time Fianna Fail businessmen chancing their arm in Leas Cross style ventures.The professionals are on their way!
IT seems that Denis Brosnan is enjoying himself quite a lot these days and he has reasons to be happy – both in business and in sporting terms. Barchester Healthcare (Ireland) recently announced a major expansion of its retirement home operation in Ireland with plans to develop a number of new centres around the country. Barchester is the venture where Brosnan has played a central role in the UK for moneybags John Magnier, JP McManus and Dermot Desmond for the last few years. Brosnan is also a major shareholder here in his own right. What has the former Kerry Group supremo Denis Brosnan most happy at the moment, however, is that he has just been told that the Minister for Sport, John O’Donoghue, is reappointing him for yet another term as chairman of Horse Racing Ireland.
Barchester Healthcare has announced its plans to open 20 homes in Ireland.
The British chain has said that it would like the homes to be up and running within three to five years' time, reports Ireland's Sunday Business Post.
An investment package of €8 million (£5.4 million) has been put together in order to acquire HC Developments, which went into examinership in September with debts of €10 million (£6.8 million).
Barchester acquired HC Developments' retirement village in Trim, Co Meath, for €45 million (£30.5 million) last week.
The company hopes to expand, initially in the greater Dublin area, to add to its current total of approximately 170 nursing homes.
The deal is pending approval by the High Court, following the go-ahead from the company's creditors.
The Leas Cross nursing home debacle-the "Great Fianna Fail Pensioners Robbery", will cost the irish taxpayer 1 billion euros in refunds of monies illegally stolen from the families and the pension books of thousands of old, sick, and handicapped people during the past decade by Fianna Fail.
Enda Kenny, told the Dáil the Leas Cross scandal had brought shame on the State. He said the health authorities were given specific warnings about the nursing home and serious inadequacies in the inspection regime nine months before the television programme exposed the abuse of elderly people in the home.
TD, Fergus O'Dowd, told the Dáil that seven nursing homes which were the subject of the most appalling and disgraceful reports still remained open, John Gormley, a Green TD, said the care given to older people in nursing homes was less than that shown to animals. He said he did not believe that what happened in Leas Cross was an isolated case.
However, hope is on the horizon. A "thoroughbred team" of caring capitalists is coming to Ireland-at last.Prayers, pensioners, your salvation is at hand (It always was, but there was more money in stallion fees.!)
Barchester Healthcare is the third largest nursing home chain in Britain and has been looking to move into the Irish market for some time.
The management have set up a registered charity foundation called Barchester healthcare foundation and tossed 250,000 quid into it .It's stated aim is "to reinvest into the community it serves" whatever that means. That phrase alone is worth the few bob it cost to have a nice 'charity cousin" with the same name as the other highly lucrative capitalist enterprise belonging to the boys... A very clever public relations verbal juxtaposition of opposite concepts.!
The charity blurb on the website says:
"Our mission is to make a difference to the lives of older people and adults with a disability, supporting practical solutions that lead to increased personal independence, self-sufficiency and dignity."
Indeed. I can hardly wait to get inside. I'll start saving right away. How much did you say.? Only 1000 euros a week.? Well sure if I have'nt enough in my pocket Mary Hearney ( & Fianna Fail) will give me a bit of a dig out.! I can call on Paddy the Plasterer, Charlie Hawke..etc.
Other recent acquisitions of Irelands wealthiest stallion breeders include Westminster Care Holdings and rehabilitation specialist Castlebeck.
Barchester Healthcare is one of the UK’s most respected care home companies, providing award winning care and services to thousands of residents throughout the UK.
Today, the Barchester group cares for over 10,000 people at more than 160 different locations. They offer a wide range of care services including nursing care for older people and consultant-led nursing care for adults of all ages with specialist healthcare needs.
Their care homes, care centres, care villages and close care services have built up excellent reputations within their local communities. These standards have been established through the on-going provision of dedicated quality care delivered within a high quality, yet homely environment.
Barchester and Cygnet Agree Healthcare Alliance Valuing Businesses at Over GBP300m
LONDON, July 4 /PRNewswire/ -- Barchester Healthcare and Cygnet Health Care, two of the UK's leading private health care providers, have agreed a strategic alliance which may lead to a full merger within two years. Barchester will invest an initial GBP30 million for a 25% share in Cygnet. Two directors of Cygnet will invest GBP7 million in Barchester. The investments value the two privately-owned businesses in excess of GBP300 million.
The two companies have development programmes that constitute the largest provision of new beds outside the NHS. Unlike the NHS investments, which are mostly the updating of old beds, Cygnet and Barchester are providing a significant number of new beds and therefore a huge net addition to healthcare beds in the UK.
Barchester has 4,272 beds at 74 care homes and retirement villages in England and Scotland offering private services, including accommodation for people with learning difficulties, young disabled, sufferers from dementia and the semi-independent elderly. All Barchester homes have 24 hour nursing/care and operate in the premium sector.
Cygnet is a specialist provider of in-patient psychiatric care and has more than 500 beds in 13 private hospitals in England. It specialises in treating eating disorders, alcohol and drug dependency, depression and other psychiatric disorders. It is the largest private provider of acute and intensive psychiatric services to the NHS, which accounts for 70% of its revenue. The balance is paid privately and by insurers.
Under the terms of the alliance, the two companies will co-operate in selecting and developing sites for new facilities. They will also look at sharing support services. Barchester has five new care homes and a retirement village being built and ten at the planning stage. Cygnet is in the process of developing two new hospitals with two more in the pipe-line. Together this constitutes the largest building programme outside the NHS and represents the creation of nearly 1,500 new healthcare beds.
Denis Brosnan, chairman of Barchester, and Mike Parsons, chief executive of Barchester, will join the Cygnet board. Ken Wilson, chairman of Cygnet, and John Hughes, chief executive of Cygnet, will join the Barchester board.
Mike Parsons said: "With this alliance, we are creating a dynamic new force in private pay health care. In 2005, the earnings before interest, tax, depreciation and amortisation of the two companies should be in excess of GBP42 million. At that level, Barchester and Cygnet will have real critical mass.
"Our team have built an exceptional business at Barchester and have focused on high-value added services in high growth sector. One remarkable thing about our business is that we own the freehold at 73 locations - no-one else in the industry comes close.
"We have admired Cygnet for some time and see it as a terrific partner. It has the highest revenue-per-bed in the sector."
Enda Kenny, told the Dáil the Leas Cross scandal had brought
shame on the State. He said the health authorities were given specific
warnings about the nursing home and serious inadequacies in the inspection
regime nine months before the television programme exposed the abuse of
elderly people in the home.
TD, Fergus O'Dowd, told the Dáil that seven nursing
homes which were the subject of the most appalling and disgraceful reports
still remained open, John Gormley, a Green TD, said the care given to older
people in nursing homes was less than that shown to animals. He said he did
not believe that what happened in Leas Cross was an isolated case.
"Barchester is a business that we identify with and admire. It shares our belief that the route to success is a deep concern for the patient and the provision of high quality facilities."
Both Barchester and Cygnet have consistently featured in 'Fast Track 100', the list of the fastest-growing private companies in the UK.
About the companies
Barchester Healthcare was founded in 1993 and is a wholly-owned subsidiary of Grove Ltd. Management and staff own about 10% of the business. Barchester will have sales of GBP100 million in 2004 and ebitda in excess of GBP20 million.
The company has more than 4,000 staff. Laing & Buisson, the leading provider of data and analysis on the healthcare sector in the UK, has identified Barchester as the biggest developer in the sector with 15 new-build projects currently in hand.
Denis Brosnan, the chairman, has a long and distinguished business career. He was chief executive and chairman of Kerry Group, the world's leading food ingredients business. He is chairman of Horse Racing Ireland (HRI), the governing body for the sport in Ireland and is also chairman of Next Generation, a private leisure centre company established by David and Scott Lloyd. He has been chairman of Barchester since 1993.
Mike Parsons, the chief executive, was originally in the advertising and marketing business. After selling KHBB, a London-based ad agency to Saatchi & Saatchi in 1985, he was a senior executive in Saatchi until 1990 when he resigned to establish County Life Care Centres. He merged this with Barchester in 1994 and has been chief executive since then.
Cygnet Health Care was founded in 1988. It is a UK-registered company and is 90% owned by Ken Wilson and John Hughes. Staff own 10%. HSBC Private Equity, 3i and F&C Ventures were investors until 2000 when they were bought-out by Mr Wilson and Mr Hughes.
Cygnet expects revenues in excess of GBP40 million and ebitda of more than GBP11 million in the current financial year. The company has about 750 employees.
Ken Wilson, executive chairman, a Chartered Accountant, established his own corporate finance company in 1989 and joined the Cygnet Board as Executive Chairman in 1991.
John Hughes, chief executive, had a successful career in private healthcare in California before he moved to the UK in 1980 to buy the loss-making Priory Hospital in Roehampton, south-west London. He developed the Priory Group to include eight hospitals before he resigned to found Cygnet in 1988.
Further information about the companies is available on their websites:
Moving the deck chairs on the "Golden Circle" (Irish registered) luxury liner.
Tax breaks for stallion-owners,Magnier, McManus etc in Finance Bill(Ireland) 2007
Sunday, December 31, 2006 By Ian Kehoe
The government is set to replace the controversial tax exemption for stallions with a range of new tax breaks and incentives for the bloodstock industry.
The changes will be included in February’s Finance Bill and follow months of negotiations between the government and the European Commission. The current stud fee tax exemption is due to be scrapped from July 31, 2008.
Under the new scheme, stallion owners will have to pay tax on their stud fee earnings at the corporation tax rate of 12.5 per cent. However, they will be allowed to write off the purchase cost of the stallion against tax over probably three to four years, to reflect the limited life span of the investment.
A top thoroughbred horse generally earns the bulk of its nomination fees in a short period.
The scheme is similar to those in other industries, where companies are allowed to write off the cost of machinery and other capital expenses against tax.
Owners will also be allowed to deduct normal business expenses against their tax bill. It is understood that other specific tax allowances to aid the industry will also be included in the Finance Bill.
The stallion tax break was introduced by Charles Haughey when he was finance minister in 1969, and is generally accepted to be one of the main reasons why Ireland’s bloodstock industry is now the third most valuable in the world - behind only America and Australia.(Valuable for the favoured few)
Most nomination fees are under €10,000, but a premier horse, such as Rock of Gibraltar, can command €55,000 a time, while Sadlers Well costs up to ten times that amount.
The government decided to abolish the scheme following criticism from the European Union, which believed it breached state aid restrictions and was therefore illegal.
The scrapping of the tax exemption would see the likes of Coolmore Stud, one of the world’s most successful bloodstock operations, pay tax on stallion fees in Ireland for the first time.
Howeve , given the extent of the replacement benefits. it won't be very much.