A NURSING home in Caerleon where residents were left with an uncertain future after the owner went bust last year has been sold for £2.55 million.

Previous owner of Caerleon House nursing home Gwent Nursing Homes Ltd., which trades as Caerleon House Nursing Home, went into administration in August 2019 following what the administrators called "a period of financial instability".

Caerleon House, which is registered to care for up to 54 residents, remained open under the instruction of administrators Chris Newell, Graham Randall and Paul Zalkin of business advisory firm Quantuma, who said said they oversaw the nursing home's "return to profitability".

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Amid strong interest, the nursing home was sold to Bal and Bindu Brainch, who since Febraury 2018 have also owned Pentwyn House Nursing Home in Marshfield, Cardiff.

“We have been trading Caerleon House Nursing Home since being appointed as administrators in August 2019," Mr Newell said. "During this period, we have successfully turned the business around, improving occupancy and profitability.

"This has not only led to securing the long-term future for the business, but also brought peace of mind to the residents, their families and staff during an otherwise uncertain time.”

“This is a huge success for all involved and we are delighted to have sold to the new owners who are well-positioned to take the business through its future endeavours.”

The sale was funded by Cynergy Bank. Blake Morgan represented Quantuma, and Elliot Mather represented Bal and Bindu Brainch.

Specialist business property advisor Christie and Co advised on the sale.