Choice Care Homes
In 2008 Michael Tait was asked by Sovereign Capital, a leading venture capital firm he had worked with before, to take the role of Executive Chairman of Choice Care Homes which had 40 residential care homes and 750 staff members that looked after people with Learning Disabilities, Autism, and other mental health conditions. Private equity investors, Sovereign Capital were preparing for exit and there were a number of performance problems that required attention. Occupancy rates were an issue for example and the company had little skills or resources in finding new service users.
Being at the head of a very experienced mental health management team drew Michael into weekly management meetings where the situation and welfare of new patients were discussed and decided upon. Michael was involved in weekly case assessment meetings and the high level aspects of care that were provided. Michael was also involved in the planning and opening of new care homes.
The whole care home industry at that time was in the middle of fast and challenging market changes. From a history of high prices and high margin the market was fast moving to where the main buyers of services, namely local authorities, had become a much more sophisticated and powerful buyer. Margins had become very thin because of competition in a crowded market.
Enterprise value was much significantly improved because of the successes achieved by better marketing and the closer eye on achieving lower costs without impacting standards of care. https://www.sovereigncapital.co.uk/who-we-are/ https://www.interimchairman.com/biography/