Yet more bad news about the UK Care Industry.
Some smart analyst has come up with the figure that the home care industry is loss making and of 2,581 UK care companies, a quarter were at risk of insolvency and 69 had shut in the past three months.
We all know about this and the reasons why. Care company costs have gone up and local authorities are cash strapped.
However, there is a large and fast growing market for premium care services that is paid for by the older person or their children. If you look at the top end of this market, there is enough margin to pay care staff very good wages and still make a decent profit.
I suspect that the staff will have to come from overseas but there is money to be made. As long as companies are not tempted by public sector contracts and keep their focus on the most affluent 5-10% of the age group they will do well.
What happens to providing care to the other 90% of the older population? I have no idea. Dick Stroud