Care home provider ILS snapped up for £22.5m

By MARTIN FLANAGAN
Published 20th Apr 2013, 01:00 BST
Scott Christie is set to step down as chairman once deal is complete. Picture: ContributedScott Christie is set to step down as chairman once deal is complete. Picture: Contributed
Scott Christie is set to step down as chairman once deal is complete. Picture: Contributed
SCOTLAND’s biggest home care provider, Alva-based ILS, was snapped up yesterday for £22.5 million by housing repairs group Mears, triggering cash windfalls for senior management.

The acquisition is on a “debt-free” basis, and means that once debt and loan stock are stripped out ILS executive chairman Scott Christie and other senior management are set to scoop about £2.55m from their 30 per cent stake in the company.

Christie himself owns more than 20 per cent of ILS after leading a buy-in in 2005, indicating a personal windfall of about £1.7m. The other leading beneficiaries are finance director Craig Hendry, and operations director Robin Sidebottom.

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The deal followed a request by Christie to David McCorquodale, corporate finance director at KPMG, to seek out potential bigger strategic buyers for the business.

ILS provides care for about 3,400 people in Scotland, has contracts with 20 local authorities and employs about 1,600 staff.

The business, which specialises in helping patients suffering from conditions such as learning disabilities, autism, dementia and mental health issues, made an operating profit of £2.6m last year.