Private equity firms buying up care homes should face stringent tests before being able to extract dividends and profit , the boss of one of the biggest chains in the sector said last night.
“We look forward to Colm joining us to take our business forward and capitalising on our strong market position”.
Dye added: “I have thoroughly enjoyed my 18 years at Allianz. It has been a great privilege to lead such a fantastic business as part of such a successful team.
“I will be working with my colleagues over the next six months to ensure that Allianz is in the best possible shape for Colm to take on.”
Holmes will join Allianz from Aviva, where he has worked as chief financial officer and chief executive. He has also previously worked at JP Morgan Chase and Zurich Financial Services.
A FORMER Post Office boss who oversaw the subpostmaster wrongful prosecution scandal wants to sell off Liverpool Victoria (LV) originally created to help workers avoid a pauper’s funeral, Labour has warned.
Shadow minister for international trade Gareth Thomas said that Alan Cook, Post Office managing director from 2006 to 2010 and now LV chairman, is driving the sale of the 178-year-old friendly society to US private equity giant Bain Capital.
The Labour Co-op MP for Harrow West pointed out that Mr Cook promised not to demutualise the insurance giant when he oversaw its conversion into a company limited by guarantee and therefore without shareholders in 2019.
From care homes to high street shops, the steel industry and even vital defence firms, no corner of British business is safe from private equity raiders.
While the rest of the country has been battling the threat of Covid-19, buyout barons have been having a field day.
They have picked off household names at bargain prices and piled yet more money into their bulging coffers. This month alone, private equity predators have targeted four FTSE 250 firms in a £7billion assault.
The targets include property firm St Modwen and infrastructure group John Laing. Even before the pandemic, corporate Britain was littered with the corpses of once-proud companies that ended up as hollow husks after stints in private equity hands. The virus proved the last straw for some big names, including Debenhams.