£1.4m North East care home deal

A North East care home has swapped hands in a £1.4m deal.

Blackstone Care Ltd bought North Road Care Home in Gosforth from previous owner Roland Airey after seeking legal advice from Gordon Brown Law Firm.

The move secures the future of the home and its 40 staff, who will be retained under the terms of the deal.

Registered since 2003, the home has 54 beds and currently provides care and nursing services for around 40 elderly residents, including those with dementia.

James McEwen, solicitor at Gordon Brown, said: “Recently care homes have been seen as a good long-term investment.

“They provide a steady, recurring income stream and demand for them is high, mainly due to people living longer and requiring better quality care services.

“We were pleased to negotiate a good deal for Blackstone and the final price represents good value for vendor and buyer.”

The deal represents the first foray into the care industry for Blackstone owner Noman Mushtaq.

The entrepreneur, who hails from Denmark, said: “I’ve been thinking about investing in the care industry for a while and North Road was a good opportunity for me.

“Gordon Brown Law Firm helped me through the contractual negotiations, which were hassle-free and brought to a happy conclusion.

“The care industry is going through a transitional period at the moment and it’s a great time to be involved in it.”