Property Strategy
▪ Our property strategy is driven by our strategic Values
▪ Putting quality first, Inspiring our people and Growing sustainably
▪ This means there are three strands to the strategy
▪ Investment in existing homes to ensure we deliver high quality care and a good working environment ▪ Redevelopment of existing homes that are past their best and extending smaller homes; and ▪ Acquiring new build assets ▪ Over the last 5 years our Business Strategy has involved investing in 3 new homes every two years. ▪ This has been paused in 2024/25 as we address performance and financial strength ▪ After this period of consolidation, we would expect to return to the same growth profile ▪ while the impact of new openings on group performance should decline as the number of existing homes grows
▪ Meanwhile we remain committed to a tight geographic spread so we can respond to the needs of our network of homes efficiently
Capital Expenditure in New Builds and Existing Homes (£m)
10.0 12.0 14.0
11.7
8.3
8
7.6
0.0 2.0 4.0 6.0 8.0
3.8
4.1
7.9
7
4.1
5.2
1
3.6
0.5
0.3
2018
2019
2020
2021
2022
2023
2024
23
New builds & acquisitions
Existing homes general upkeep and major upgrades
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