A Leeds-based retirement and care home operator has been bought by its management in a £175 million deal. Orchard Care Homes, which has almost 1,000 beds in 26 properties, has been bought by chief executive Paul Mancey.

The deal was project managed by Andrew Long of specialist healthcare agent GLP Taylors and funded by The Royal Bank of Scotland with mezzanine finance provided by Nexus and Moore Europe.

Long said the firm has been working with Orchard to buy land to develop new homes.

“With GLP’s site finding and planning and construction teams all working out of the same offices, this gave Orchard a tremendous competitive advantage over its rival companies. The demographic and social pressures are ripe for this market; it is all about acquisition of land and speed of construction.”