A record number of care home businesses failed last year as the financial pressure on social care in Britain took its toll. New government figures show that 75 care home businesses were declared insolvent in 2016, up from 74 the previous year.
The failures mean that in total 421 care home businesses have collapsed since 2010. The figures cover nursing homes, homes for the elderly, residential care activities for learning disabilities, mental health, and substance abuse. FRP Advisory, the consultancy firm, said that care homes were the only industry in the UK to have suffered from rising insolvencies over the last seven years.
Care homes are under pressure because local authorities have cut contributions for residents, while costs –…
