HC One's founder and CEO, Chai Patel has signed an agreement to acquire a portfolio of 150 care homes from Bupa for up to £450m.
If the deal goes ahead, it will mean that HC One would go from being the third largest care home company in the country to the largest, potentially worth more than £1bn.
Patel (pictured), who was formerly the CEO of private healthcare provider The Priory, could see the deal collapse if he fails to raise enough funds over the next few weeks.
HC One was formed in 2011 and it took over a third of Southern Cross’s homes after the firm fell into administration. The company was sold in 2014 to a group of private equity firms for £477m.
