Pre-tax profits jump at UK nursing home group owned by three Irish billionaires

Gordon Deegan

Pre-tax profits at the UK nursing home group owned by three of Ireland’s best known businessmen last year increased by 22.5 per cent to £39 million (€46.5 million).

New consolidated accounts filed by Barchester Healthcare Ltd show that the business recorded the sharp rise in pre-tax profits as revenues increased by £104.28 million (13.4 per cent) from £766.76 million to £871.04 million.

The group is co-owned by three of Ireland's best known and most successful businessmen – JP McManus, John Magnier and Dermot Desmond.

Barchester is the UK’s second-largest nursing home operator and provides 14,543 registered beds across its portfolio of 223 registered services, with the largest proportion located within London and the southeast of England.

Numbers employed at the group increased from 14,947 to 16,250 last year.

In his report, group chairman John Coleman said the group “performed strongly from both care quality and commercial perspectives during 2023”.

"Enquiries for places in the care homes and hospitals remained strong and translated into occupancy levels that were consistently higher in 2023 than 2022."

He said the group opened six new premium care homes in 2023.

The three Irish billionaires initially invested in Barchester Healthcare 30 years ago, soon after it was launched by British businessman Mike Parsons.