BUSINESS OUTLOOK - Review. Realign. Recover christie.com - Christie & Co
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BUSINESS
OUTLOOK
Review. Realign. Recover
christie.com
TABLE OF CONTENTS
GLOBAL MANAGING DIRECTOR’S STATEMENT 4 RETAIL 30
BANK SUPPORT AND BUSINESS RECOVERY 6 LEISURE 36
COVID-19 TIMELINE 8 PUBS 40
CHRISTIE FINANCE 10 RESTAURANTS 44
CHRISTIE INSURANCE 11 HOTELS 48
DENTAL 12 INTERNATIONAL 52
PHARMACY 16 TRANSACTIONAL TABLES 60
CARE 20 VENNERS & ORRIDGE 66
CHILD CENTRIC 24 CHARITY ACTIVITY 67
Darren Bond
Global Managing Director
OVERVIEW clients who were navigating the crisis in a similar manner. uncertainty around how long it will take to return to a
Whilst we saw lenders pause valuation activity in April and stabilised trading level and what that level might look like.
2020 turned out to be a year that May, this returned from June and volumes were back to As things stand at the moment, there is little evidence of
pre-COVID levels by the end of 2020. Positively, after a any considerable price adjustment and we expect that to
no one could have predicted. What few months of coming to terms with the virus, we saw play out in 2021. The market remains well capitalised and
started very positively in the first transactions resume with buyers and sellers remaining ready to invest in our sectors, confident of the recovery
stoic and determined to close deals. Transactions ahead.
two months of the year, soon led continued, with nominal adjustment to pricing, as buyers
to a frenzy as businesses all around remained committed to their acquisitions. Overall, we saw our price indices move negatively by 2.5%
last year. The movements were biggest in hospitality,
the UK had to take stock of the As we entered the second half of 2020, the resilience and across restaurants, pubs and hotels.
Coronavirus (COVID-19) situation creativity of operators involved in our sectors showed in
and very quickly adapt.
abundance. Hospitality briefly returned to life from July I am confident that our markets
onwards and the sector pulled out all the stops to provide
a safe and secure dining and drinking environment for
have some incredible characters
A message from government requiring us to socially
distance ourselves on 16 March 2020, quickly escalated their customers. Sadly, hospitality became the scapegoat and determined individuals. We
blamed for further increases in COVID-19 cases from
to a ‘you must stay at home’ message and businesses
autumn onwards. Those of us passionately involved with
expect the majority of businesses
being forced to close from 23 March 2020.
the sector find this both disappointing and misleading. will bounce back as COVID-19 starts
Our sectors were significantly affected, with hospitality
to recede, however, the longer the
being the hardest hit. Hotels, pubs and restaurants were We saw strong activity across
closed immediately, with cellars and kitchens still full restrictions continue, the harder it
our sectors continue over the
of product. We also saw children’s day nurseries, dental may be for those without further
practices, garden centres and leisure businesses forced remainder of the year, with
to close. financial support.
impressive levels of viewings, offers
Finally, I would like to say thank you to the amazing team of
The care sector rallied and, whilst businesses had to and completions, despite all the colleagues across the UK and Europe that I work with every
adapt with an unfortunate wave of cases passing through
homes, it did so as best it could. We also saw pharmacy head winds facing the market. day at Christie & Co. Their hard work and fortitude has been
businesses continue to trade, alongside convenience incredible to see over the last year and they have ensured
So, what was the impact on values due to COVID-19? The
retail which was one of the big benefactors of the that all of our clients continued to receive the very best
immediate answer is that this still remains to be seen.
lockdown as individuals shopped local under lockdown advice and support through this challenging period.
Following the Global Financial Crisis, we saw that price
restrictions.
movements in our markets took a couple of years to
In the period that followed, up to June, we all turned to adjust. There is a logic that businesses cannot be worth
video calls and offered our support to friends, family and the same as they were pre-COVID, particularly given the
Business Outlook 2021 44
INDEX BASED ON AVERAGE SALE PRICES
(FROM A BASE OF 100 IN 2005)
170
160
150
140
130
120
110
100
90
80
70
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Hotels Restaurants Retail Dental
Pubs Care Pharmacy Childcare
Christie + Co Average Index Retail Price Index House Price Index
Business
BusinessOutlook
Outlook2021
2021 5
Stephen Jacobs
Director Bank - Support & Business Recovery
OVERVIEW through the Coronavirus Job Retention Scheme (CJRS), With most of the support due to end in Spring 2021,
financial support in the form of cash grants, loans (the we anticipate a significant rise in business distress and
Business Outlook 2020 reported a Coronavirus Business Interruption Loan Scheme (CBILS) insolvency from Q2, with the level of business failures
and Bounce Back Loan Scheme (BBLS)), business rate relief minimised only if there is further strategic financial support
rise in business distress during 2019 and VAT deferment. The introduction of the Coronavirus which addresses the issues. Moreover, there will be an
due to operational cost pressures Act 2020 has given business tenancies protection from increasing requirement for turnaround and restructuring
forfeiture due to non-payment of rent, and the Corporate assistance.
and the uncertainty of Brexit Insolvency and Governance Act 2020 includes temporary
influencing business and consumer provisions to suspend both winding-up petitions, by way We anticipate a rise in demand
of a statutory demand, and wrongful trading, so a business
confidence and economic growth. can trade on without the threat of personal liability for
for Christie & Co’s consultancy,
Whilst we predicted these factors would be ongoing directors. valuation, and brokerage services
challenges in 2020, we could not have foreseen the
COVID-19 pandemic and the tumultuous impact it would
These measures, coupled with banks giving support accordingly.
and forbearance to their debtors, have been a lifeline for
have on commerce, the economy, and people’s lives.
businesses, with many ‘artificially’ avoiding insolvency
The effect of the pandemic on the markets we operate
in has been significant, but none more so than in social
proceedings. This is reflected in The Insolvency Service’s
statistics for Q2 and Q3, which show a decline of 36% in
The UK economy is estimated to
have shrunk by 11% in 2020. -11%
care, leisure, and hospitality. The care sector experienced company insolvencies, compared with the same period
a wave of resident deaths, which significantly impacted in 2019. This mirrors Christie & Co’s activity in terms of WITH ONGOING LOCKDOWN MEASURES AND
occupancy, and the reluctance of families to place their a reduction in the number of distressed businesses we POSSIBLE DISRUPTION FROM BREXIT, SOME
loved ones in care facilities compounded the situation. valued and sold in 2020. ECONOMISTS ARE PREDICTING A UK DOUBLE-DIP
The hospitality sector’s ability to trade throughout the RECESSION, AND A DECLINE IN GDP IN 2021.
THE ROAD TO RECOVERY
pandemic has been most affected by the government’s
‘whack-a-mole’ approach in attempting to bring an
unpredictable virus under control. Imposed lockdowns The road to recovery has been
More positive estimates, however,
predict growth of 5%. 5%
and various tier restrictions have resulted in intermittent hampered by this uncontrollable Whilst unemployment and concerns around job security are
closures for large parts of the industry.
virus and, whilst the timeline for likely to have a negative impact on consumer confidence,
GOVERNMENT SUPPORT
several key support measures has assuming a successful rollout of the vaccine and gradual
easing of restrictions post lockdown in England and
The severe disruption caused by the pandemic would have been extended, business support Scotland, the economy could experience a surge in pent-up
led to business failure on a monumental scale, if not for
the unprecedented intervention of the UK government. has not kept fully apace with the demand from a more confident consumer with money,
saved during the pandemic, to spend.
This resulted in over nine million workers being furloughed evolving trading restrictions.
Business Outlook 2021 6
MARKET PREDICTIONS
A significant rise in failed
businesses from Q2, as
BUSINESS DISTRESS-1
Percentage of distressed assets instructed by sector in 2020.
operators encounter liquidity
issues and many business
15% PUBS support measures come to
an end.
28% HOTELS
A rise in distress business sales,
6% RESTAURANTS with values most impacted
for asset classes that flood
42% CARE the market. The leisure and
hospitality sectors will be
3% RETAIL particularly vulnerable.
5% MEDICAL The likelihood of a double-dip
recession as further restrictions
1% CHILD CENTRIC and the imposed third national
Source: Christie & Co lockdown in January 2021
impact the economy.
BUSINESS DISTRESS-2 BUSINESS DISTRESS-3
Distressed assets instructed for disposal by appointment type. Movements recorded Q2 and Q3 2020 compared
A successful roll-out of the
with the same period in 2019. vaccine programme and
3 easing of restrictions will
5 8
5 -40% Company insolvencies instil consumer confidence
11 Source: Insolvency Service and release pent-up demand
41 2019 2020 boosting the economy.
(%) (%)
51
76
-36% Christie & Co insolvent assets instructed for disposal
Source: Christie & Co
Consensual Administration Receivership Liquidation
Source: Christie & Co
Business Outlook 2021 7
COVID-19 – DIARY OF EVENTS
June 2020
31 17 15 22 Professional sport restarts without spectators.
June 2020
January 2020 March 2020 England: Non-essential
First two cases Chancellor Rishi Sunak shops, zoos and wildlife
confirmed in the UK. announces £330bn in June 2020
parks reopen.
measures to protect the 29 Wales: Schools reopen for certain age groups
economy from COVID-19: Scotland: All non-essential outdoor retail reopens.
VAT and business rate cuts, June 2020
CBILS scheme and additional 8
England: Dentists reopen.
NHS funding.
July 2020
3 Scotland: Five-mile travel limit lifted, self-contained holiday
20
23 accommodation reopens, visits to care homes resume.
June 2020
March 2020 March 2020 1 England: Schools
Prime Minister Prime Minister Boris Johnson
reopen for Reception, July 2020
announces lockdown in orders, hospitality venues, gyms,
Year 1 and Year 6 4 England: Social distancing rule reduced to 1 metre. Holiday
the UK – public ordered offices and schools to close
students, outdoor accommodation, non-essential retail, leisure and entertainment
to stay at home. (children of key workers are
markets reopen. and hospitality sectors reopens (table-service only).
exempt).
10 Government announces the
Coronavirus Job Retention July 2020
May 2020 13
May 2020 Scheme (CJRS). 29 Scotland: People Wales: Pubs, cafés and restaurants reopen
Prime Minister announces from two households (outdoor service only).
easing of lockdown measures in can meet outside Scotland: Non-essential indoor shops reopen, dentists
England, effective from 13.5.20. (must be 2 metres can offer treatments (no aerosol procedures).
apart and maximum
12 13 of 8 people). 15 22
May 2020 May 2020 July 2020 July 2020
CJRS scheme extended England: Lockdown lifts – people from two households Scotland: Tourism resumes, England: Visits to care
to October. can meet outside (must be 2 metres apart and maximum hospitality and childcare homes resume (one
of 6 people) and garden centres reopen. sectors reopen. relative per resident).
Notes: a. Applies to UK as a whole, unless other stated; b. For geographic areas affected by local lockdowns or other measures, see local authority websites. From 1.9.20 these are too numerous to comprehensively list here.
Business Outlook 2021 88
December 2020
24 September 2020 2
5 2 Pfizer/BioNTech vaccine
Job Support Scheme (“JSS”)
approved for use by
August 2020 announced, to replace the December 2020 British medical regulator,
Scotland: Aberdeen lockdown: all CJRS on 1.11.20. England’s nationwide the MHRA.
pubs, restaurants and cafés closed; England: Hospitality curfew lockdown ends, and tier
travel restrictions introduced. introduced – all pubs, bars, system recommences, December 2020
with most areas placed 14 England: New virus
restaurants and cafés must
close by 22:00. in Tier 2 or 3. strain that is 70% more
transmissible detected in
August 2020 VAT rate cut to 5% for South East and London,
3 Government launches Eat hospitality and tourism November 2020 causing virus cases to surge.
Out to Help Out scheme for businesses extended until Moderna announces a similar
16
the month of August. March (excluding alcohol). COVID-19 vaccine that is December 2020
94.5% effective. 19 England: Boris Johnson
1 October 2020 issues new Tier 4 ‘stay
Update to CJRS: employers November 2020 at home’ alert covering
August 2020 must now contribute 9 Pfizer announces a London and much of
1 Government 9 20% of salaries of those COVID-19 vaccine the South and East of
announces remaining on furlough. that is 90% effective. England, and scraps
update to CJRS relaxation of rules for
October 2020 Christmas and NYE.
effective 1.9.20
Government updates JSS: it will pay up to 67% of the wages as All non-essential retail
(employers
firms told to shut because of coronavirus rules. For firms that November 2020
to contribute must close.
must close, a grant of £3,000pcm is available. 5 England enters
10% of salary
month-long December 2020
to furloughed Scotland: Two-week lockdown: Pubs and restaurants in the
nationwide lockdown. 30 Oxford University-
employees, with central belt to close (except for takeaways). Ban on indoor alcohol
AstaZeneca COVID-19
government service and 22:00 curfew introduced across the country.
vaccine approved by
funding other
November 2020 MHRA. Start of new school
70%).
25 12 31 1 5 Government announces term delayed as virus
extension of CJRS until the cases continue to surge
end of March 2021. across England putting
July 2020 October 2020 October 2020 November 2020 pressure on the NHS.
England: Indoor gyms, England: Government CJRS scheme ends. JSS starts.
swimming pools and sports announces a new three tier
facilities reopen. lockdown system for restrictions
and measures in local areas.
Business Outlook 2021 9
John Mitchell
Managing Director - CHRISTIE FINANCE
THE IMPACT OF COVID-19 ON THE UK Lenders were forced to redeploy their resources to aid their Care 53%
LENDING MARKET existing client base due to a significant increase in demand. Retail 14%
This resulted in many high street lenders effectively closing
Despite the effects of COVID-19 impacting our day to day Pharmacy 13%
for any new business. For those lenders without a large
lives, many buyers continued with their plans to acquire a client base or smaller niche lenders, an opportunity was Hospitality 7%
CBILS
business, add to their existing portfolios, or refinance their created to fill the void created by the larger lenders and LENDING BY Dental 6%
current finance package, with the pandemic being viewed high street banks. SECTOR Leisure 4%
as a short-term problem that would, in time, allow market
conditions to return to normal. In the months that followed, most high street lenders Engineering 1%
returned to ‘business as usual’, albeit with a very cautious Other 1%
Despite transaction times being delayed in 2020, approach to new business applications, particularly in sectors
Christie Finance continued to fund first-time buyers and Child Centric 1%
adversely impacted by lockdown and travel restrictions –
existing operators across all sectors throughout the namely leisure and hospitality, with some banks refusing to *Data sourced by Christie Finance Analytics
lockdown periods. consider new loan applications.
High street lenders took extreme caution towards all new Specialist lenders continued to provide strong support to
business and continue to do so. There is, however, an CHRISTIE FINANCE AND COVID-19
their chosen sectors such as pharmacy, dental, childcare,
increasing number of alternative lenders in the market who convenience retail, and elderly care, where these types of We started 2020 with a very healthy pipeline of business and,
are willing to provide solutions for clients, with several new businesses were not as severely impacted. whilst panic and uncertainty gripped the nation during April
SME focused banks looking to enter the market in 2021.
and May 2020, we bounced back during the summer months
Many of these lenders are readily accessible via a specialist Lenders are scrutinising deals more than ever, with the
and experienced increased business levels throughout
finance broker such as Christie Finance. business owners’ track record and experience being
quarters three and four, similar to that of 2019.
incredibly important. Lenders who can provide CBILS funding
In 2019, 60% of our offers of finance for business for business acquisitions can take comfort that the loan Our accessibility to unsecured CBILS funding for existing
mortgages were sourced via high street lenders. will be repayment-free for 12 months, alleviating cashflow business operators proved to be extremely successful,
In 2020, the high street only financed 35% of pressures and hopefully allowing time for the world to adapt with applications in September 2020 peaking at c.100 –
our transactions. to a new, post-COVID-19, normal. an increase of 300% compared to the previous year. The
CBILS (CORONAVIRUS BUSINESS INTERRUPTION scheme was initially scheduled to end in September last year
In the second half of 2020, our Unsecured Finance division
LOAN SCHEME) but has subsequently been extended until March 2021.
received 225 client instructions, predominantly related to
Following the initial lockdown in March 2020, the government CBILS funding. Working with a specialist finance broker to secure funding
rapidly responded and provided emergency funding to has never been more important. Across all our divisions (Core,
During this period, the Unsecured team successfully
businesses with the launch of Bounce Back Loans and the Corporate and Unsecured), the volume of new business
delivered on £17,000,000 of new lending to UK
Coronavirus Business Interruption Loan Scheme (CBILS). At applications delivered by the team has increased by 15%
SMEs. The majority of CBILS loans brokered by the
first, these loans were distributed mainly via high street banks compared to the prior year.
Unsecured team were obtained by the care sector.
who sought to assist their existing client base, providing much
needed financial support at a time of extraordinary uncertainty.
Business Outlook 2021 10Walter Murray
Managing Director - CHRISTIE INSURANCE
THE UK INSURANCE MARKET In the care sector, those greatly impacted were homes Some of the changes outlined are not just prevalent in
providing elderly and nursing care. Many of these the care sector alone; many insurers are reviewing their
There is no denying that the COVID-19 pandemic has, operators were adversely affected by substantial risk appetite across their multi-sector portfolios and
and is continuing to, impact the UK insurance market. movements in the insurance market’s approach are pausing writing new business whilst also reviewing
Across all sectors many leading insurers are no longer towards both new business and renewals; on the cover their rating structures.
taking on any new business, if they do it is with a very and terms they were willing to provide.
cautious approach. The economic uncertainty that has In the hospitality sector, as some of these businesses
arisen as a result of the pandemic has added to this COVID-19 has led insurers to review the financial have in effect been ‘unoccupied’ for months, insurers
challenging environment and is set continue exposures around potential liability claim scenarios for have concerns that the normal early warning signs of
into 2021. example, injuries to staff and service users. Following claims for water damage, break-ins and the like are
these assessments, care sector insurers have taken now missing. With the absence of people on site giving
Global and UK rate increases continue, on average by several actions: rise to a view that the hospitality sector is now in a
15% to 20% in the UK, and ‘professional liability’ pricing higher insurance risk category.
increased by +50%, driven largely by Directors and Total withdrawal from offering insurance
Officers insurance. This price increase can, in part, be solutions to the sector WHAT IS OUR APPROACH?
attributed to a lack of insurers within the Directors and
Pausing offering terms to potential
Officers sector.
new clients
Across all our sectors we are still
The Supreme Court has made a ruling on insurance able to support new clients with
Looking to increase rates and premiums
policy wordings cover for business interruption losses
and update policy wording – in some their insurance requirements;
resulting from COVID-19; the decision seems to
indicate positive news for certain types of cover but cases using a combination of both acquainting them with the latest
the full effect of the decision is still to be digested. Some insurers are excluding COVID-19 market conditions and working
completely under the public liability covers
It is difficult to say where rates will go in 2021, however
whilst others are looking to offer inner
together to prepare a presentation
the Supreme Court decision, as well as the reduced
number of insurers and economic downturn, will all limits (reducing the core cover down) that portrays their business in the
play a role on rate fluctuation. around COVID-19 with severe restrictions, best possible light when reaching
and some continuing to provide the same
IMPACTS OF COVID-19 protection and limits as previously out to a limited insurance market.
There has been a significant and rapid change across One insurer in the sector is restricting
In the care sector, we will be contacting clients at least
all sectors, with a cautious approach taken by most cover to go beyond the COVID-19
three months ahead of their renewal date to discuss
insurers when considering new business until the exclusion and is now prohibiting other
the options open for them within the context of a
litigation arising from COVID-19 is better understood. communicable diseases such as
shifting insurance market.
Norovirus and the flu
Business Outlook 2021 11DENTAL
Simon Hughes Paul Graham Christopher Vowles FRICS
Managing Director - Medical Head of Dental Head of Valuation - Medical
MARKET OVERVIEW New standard operating procedures (SOPs) were reductions in fallow time periods.
developed by the regulatory bodies which governed the
way dentistry would be performed after the first lockdown Rapid improvement in trading gave both independent and
The dental sector adjusted quickly period. The evidence that supported these was often corporate purchasers the confidence to re-engage their
to the shock of the pandemic contradictory or missing, which led to a feeling across the deal pipelines leading to a marked increase in transactional
activity from September onwards.
and, whilst practices were closed profession that dentistry, already well-versed in managing
cross-infection, was being unfairly treated compared to MARKET NORMALITY RETURNING
during April and May, the profession other clinical settings.
bounced back very strongly. During this time, the market for dental practice sales
As dentistry itself continued its recovery during the latter
part of the year, the market further improved, returning
Considering the enormity of events since the beginning effectively paused, as buyers and lenders took stock. slowly to a sense of normality.
of the pandemic, the dental market remained remarkably However, surprisingly very few transactions were lost, with
resilient, with the majority of transactions put on hold rather buyers generally taking a long-term view. The number of We have seen a noticeable increase in the number of
than abandoned. We now enter 2021 with optimism that completions across the market dramatically reduced and enquiries from first-time buyers and independent buyers
recovery will continue and deals will successfully complete were limited mainly to NHS practices where providers over lockdown for NHS-led opportunities, a proportion of
in greater volumes. continued to be paid at the full value of the contract. whom had never considered practice ownership.
THE HEADLINE IMPACTS OF COVID-19 ON THE DENTISTRY REINVENTED THE FUNDING LANDSCAPE
DENTAL SECTOR - EARLY STAGES It was during the month of June, following direction As we entered lockdown in March, dentistry was towards
By the end of March 2020, Chief Dental Officers (CDOs) from the respective CDOs throughout the UK that NHS the top of many lenders’ ‘green light’ sectors. Inevitably,
had announced the closure of all practices, bringing an dental practices began reopening, although in reality, it the banks’ focus during the first national lockdown was on
end to the majority of dental treatments in the UK. Practice was several weeks before many private practices were existing customers and CBILS loans took priority, which
owners were adjusting to the events and what they would fully functioning. The new SOPs and, in particular, the effectively led to a hiatus in new lending. Deals that were
mean for their businesses and patients. requirement for fallow time after aerosol generating advanced did go through to completion.
procedures, significantly reduced patient flow and made
Arrangements were implemented for patients to be triaged When dentistry reopened there was a clear preference for
the provision of hygiene, especially, extremely challenging
and assessed over the telephone by a dentist, and either banks to lend to practices with an NHS contract, given the
in many modern practices.
given self-help advice or referred to an urgent dental hub obvious cash flow advantages. As the year progressed and
for emergency treatment only. As the year progressed and dentistry was reestablished, private revenues recovered, lenders returned to funding
it became clear that the dire predictions made by some the private sector.
Most practices took advantage of the government support commentators about dental practice valuations falling
packages, although it became clear very early on that were considerably wide of the mark. Patients returned in
self-employed associates, particularly those operating in droves, and this led to revenue recovering much sooner
the private sector, would not qualify for the various financial than had been expected. This was eventually boosted by
support schemes available to others. various updates to the SOPs, helped by the incremental
Business Outlook 2021 13CASE STUDIES FIRST-TIME/EXISTING BUYER SENTIMENT
(Percentage of total viewings sub £750,000)
BOURNE END DENTAL,
BUCKINGHAMSHIRE
A leading Buckinghamshire dental 2019 2020 Q1 2020 Q2 2020 Q3 2020 Q4*
practice sold to national dental 55% 53% 68% 61% 44%
partnership group, Dentex.
This high quality private practice has built an enviable
reputation since it was first established in the early 1980s, Whilst demand for mixed practices remains, with buyers attracted to the security of income afforded by an NHS contract, the latter part of the
and has seen significant growth in the last 10 years. The year realigned to become more reflective of 2019 and 2020 Q1, as demand for practices with a higher proportion of private revenue increased.
practice generated a high degree of interest and multiple This was fuelled by the noticeable recovery of private income, driven partly by a backlog of patient demand and long NHS waiting lists.
offers were received.
BUYER SENTIMENT BY PRACTICE TYPE
Although demand remained surprisingly strong during Q2, buyers
SANDGATE DENTISTRY, NHS and sellers were more cautious about arranging physical viewings.
AYR This led to 26% of our total dental viewings being facilitated virtually
Mixed
(NHS 50%+) during this period.
A well established dental
practice sold to an expanding PVT
Activity recovered during Q3, with encouraging volumes of new deals
Scottish dental group. Mixed and completions. October levels were only marginally impacted by
(PVT 50%+)
This impressive four-surgery, mixed income practice with uncertainty and speculation of a second lockdown in England, but
approximately 12,000 registered patients is growing by the effect was minimal as dentistry remained open. December saw
Period 2019 2020 Q1 2020 Q2 2020 Q3 2020 Q4*
around 70 new patients each month. Having completed NHS: Private 61 : 39 66 : 34 80 : 20 59 : 41 56 : 44 the highest aggregate offer value received in any month in 2020 and
during the peak of the pandemic, this sale is a real the second highest in volume following November.
testament to the strength of the Scottish dental market. OFFERS RECEIVED & AGGREGATE VALUE BY MONTH
Appraisals continue to be based broadly on pre-COVID trading performance. Mechanisms, such as deferred sale prices, are often being used
HARDHORN ROAD DENTAL to reduce purchaser risk, and are particularly common amongst corporate buyers, as they were before lockdown. The speed of recovery from
PRACTICE, POULTON an operational perspective has hastened the recovery of the sales market. The likely tax changes in 2021 may well be the catalyst for a glut of
-LE-FYLDE transactions in Q1, although regulatory and legal restraints mean that any new deals yet to be agreed are unlikely to meet that same deadline.
Hardhorn Road is a highly Aggregate Offer Value Offers Received
successful, six-surgery practice
located in a desirable location.
This large mixed income dental practice was sold to two
first-time buyers who were former Associates at the
practice and who contributed to the sterling
performance of the business over the years.
Funding for this deal was arranged through Christie Finance. January February March April May June July August September October November December
2020 Q1 2020 Q2 2020 Q3 2020 Q4
Note:
Q2 represents 1 April - 7 June: Lockdown to practices reopening, Q3 represents 8 - June 30 Sept: post practice reopening, *Q4 represents 1 October - 8 December
Business Outlook 2021 14SENTIMENT SURVEY MARKET PREDICTIONS
DO YOU FEEL OPTIMISTIC ABOUT RECOVERY IN 2021? HOW LONG DO YOU THINK IT WILL TAKE FOR THE A significant volume of practice sales will
SECTOR TO RETURN TO PRE-COVID LEVELS? (%)
complete in Q1 in anticipation of the Spring
Positive 30.3% 6.3 Budget and a likely increase in Capital Gains
Fairly
Tax (CGT).
Positive 36.4% 1 year or less
Pre-COVID levels placed a heightened
Neutral 15.2% 56.3 37.5 1-3 years
emphasis on oral health. We expect this
Somewhat
15.2% More than 3 years reinvigorated appetite to continue as
Negative
independent buyers purchase their
Negative 3.0% own practices.
The market is generally feeling positive about recovery in 2021, with two-thirds of respondents stating that they are “positive” Corporate buyers with ambitious buy and
or “fairly positive” as the market continues to return to normal trading conditions. The majority feel it will take up to three years build targets will make up for lost time,
for the market to return to pre-COVID levels, however 37.5% are more optimistic that this will be within the year.
and deal flow will increase considerably.
Corporate buyers will continue to bid
CHRISTIE & CO PRICE INDEX (%) IS THERE SECTOR OPPORTUNITY IN 2021?
aggressively for larger practices, and we will see
Our neutral price index movement for 2020 follows a Despite the absence of a clear consensus on price
challenging year for most dental practices and consistent movements for 2021, we are looking forward to an renewed price inflation for better quality sites.
increases over the past four to five years. Sentiment for 2021 active market within which:
is balanced between those who feel that prices will increase,
remain neutral or fall.
52% A greater supply of practices will come to
the market from owners who put their
exit plans on hold in 2020.
14.9
12.3
Much of the market will continue to bounce
back strongly. However, price corrections will
affect poorer quality businesses proportionately
are planning are planning harder, as they struggle to adapt financially.
5.2 5.4 37.5% on selling on acquiring
their 22.6% a new Practices for sale that remain in a ‘recovery
practice or business /
some assets practice
stage’ will progress with more flexible deal
0.4
structures to bridge the value gap with
increased deferred consideration and
2016 2017 2018 2019 2020
longer vendor tie ins.
Business Outlook 2021 15PHARMACY
Tony Evans Christopher Vowles FRICS
Head of Pharmacy Head of Valuation - Medical
MARKET OVERVIEW At the outset of the pandemic, pharmacy services were Financial pressures on the industry have been significant
placed under significant pressure, both through increased and keeping up with rising demand was a huge hurdle. The
dispensing and retail sales activity, alongside having to £370 million of advanced funding the government has
Despite the wider impact COVID-19 introduce social distancing measures and provide PPE provided the industry is a much needed support, helping to
has had on many business sectors, equipment and screen installations for the health and ease the cash flow pressures many contractors have had
pharmacy is one that has fared wellbeing of staff and patients. to bear.
well in comparison. The increased As the pandemic developed and the first lockdown Although contractors found it challenging to adapt to the
loomed, pharmacy contractors saw a significant increase in changing circumstances, the pharmacy market continued
profile the sector has generated dispensing activity in March compared with February. This to function throughout the first national lockdown with
across the year, largely driven by its was a result of a mix of panic-buying and GP prescribing completions taking place, albeit at reduced volumes.
habits altering from 28 days to between 56 and 84 days, Deals were also hampered by the adjustment to home
tremendous response to support as they closed their doors to patients and opted for working of professional advisors and the banks’ focus on
primary care services over the telephone triage services as the primary point of contact. CBILS. Primary Care Support England’s (PCSE) temporary
This impacted dispensing volumes in subsequent months suspension of its Market Entry processes also slowed deals,
lockdown, has contributed to a and was further exacerbated by a reduction in acute as purchasers saw inevitable delays in the determination of
buoyant market. prescriptions. Fitness to Practice and Change of Ownership applications.
2020 IMPACT Following a relaxation of the lockdown measures at the Despite all this, we saw sales activity increase as interested
end of June, as surgeries began to reopen, many operators parties, buoyed by the heightened profile the sector
The pandemic forced many businesses to close but, due to reported that dispensing volumes were returning to more gained, sought to invest in pharmacy opportunities across
the necessity of its services, the pharmacy sector remained normal levels. the UK.
open. This, however, did not come without its challenges.
ITEMS DISPENSED BY MONTH AND YEAR (MILLIONS)
120
100
80
60
January February March April May June July August September October November December
2019 2020
Business Outlook 2021 17CASE STUDIES
WESTBURY OUR ACTIVITY SECTOR OUTLOOK
AND BABA
We have seen strong levels of interest throughout the pandemic 2020 was a tumultuous year for everyone, however, pharmacy
CHEMIST,
period, both from existing operators looking to expand their undoubtedly stepped up to the mark when it was most needed.
SOUTH WEST
activities, as well as first-time buyers still keen to acquire,
LONDON With its reputation truly bolstered, not only did the sector
driving a:
demonstrate its adaptability and resilience, but it also
The sale of two established South West London
pharmacies to an experienced operator.
14.1% increase in completions,
emphasised the pivotal role it plays in the delivery of primary
healthcare throughout the UK.
whilst sales agreed were up by: Appetite was generated across all the main conurbations,
Sold by way of a share sale of Underack Limited. A
none more so than in London, the South East and in Scotland,
competitive bidding process took place, and they were
sold to a local provider who was looking to increase their 9.5% when compared to 2019. the latter continuing to witness a strong market as operators
sought to invest on the back of its consistent approach to
presence in the area.
This enhanced profile has also contributed to interest pharmacy funding.
STEPPS PHARMACY, from parties currently outside the sector looking to invest for the This resulted in a positive year of sales completed by our
GLASGOW first time, including private equity and private family offices. In pharmacy team and an optimistic outlook for 2021.
addition to the sales we have already agreed to such investors,
A long-standing, unopposed we remain in active discussion with others who continue to
pharmacy located on the main CHRISTIE & CO PRICE INDEX (%)
actively consider investing in pharmacy.
street in Stepps, sold to a local Our neutral price movement reflects a combination of
operator who previously owned pharmacies in central THE FUNDING LANDSCAPE continued demand for pharmacies, heightened by the
and East Scotland. pandemic, alongside financial pressures of the industry.
Prices in the main have held at pre-COVID levels. At the
50% of pharmacists expect an increase in average
The sale was subject to a minor relocation, with the new beginning of 2020 and during the pandemic, we had seen prices paid in 2021.
premises offering opportunity to expand. The new buyer prices stabilise after some correction in 2019.
was funded by our colleagues at Christie Finance.
However, due to increased purchaser 12
BOOTS UK PHARMACIES, appetite we have witnessed the return
LOCATED ACROSS 8.1
ENGLAND AND WALES
of competitive bidding which has
We were appointed by Boots UK
resulted in some strong prices being
in early 2020 to manage the sale of 44 pharmacies across achieved, albeit on a case-by-case basis.
the UK, offering an exciting opportunity for first-time buyers 2.8
0.2
and independent pharmacists. Valuations of pharmacies have been stable with little effect seen
This project remains ongoing, with most of the premises on overall value and, coupled with continued appetite to lend -3.6
now sold. Our colleagues at Christie Finance supported from the banking community, the sector has been resilient.
2016 2017 2018 2019 2020
several of the buyers in securing funding.
Business Outlook 2021 18SENTIMENT SURVEY MARKET PREDICTIONS
HOW HEAVILY WAS YOUR BUSINESS IMPACTED BY COVID-19? HOW OPTIMISTIC ARE YOU ABOUT BUSINESS Judging by the current levels
Whilst many businesses were forced to close due to the pandemic, RECOVERY IN 2021? (%)
of interest and appetite for
pharmacies remained open, which could explain the mixed response
regarding the impact of COVID-19. Increased dispensing and retail pharmacy opportunities, we
activity, in addition to implementing infection control measures such 21.1 are confident that the market
as social distancing, created challenges which the sector addressed. Positive will continue to perform well
51.5
Positive Neutral throughout 2021.
Impact 36.4% 51.5
Negative Following the approval of the;
No
Impact 6.1% 27.4 Pfizer/BioNTech, University
Low
of Oxford/AstraZeneca and
Impact
12.1% Moderna NIAID vaccines, the
government’s strategy to
Moderate
Impact 12.1% over 50% vaccinate 15 million people by
of pharmacists are feeling positive about recovery in 2021.
Significant
the end of February is expected
24.2%
Impact
62.1% to result in the progressive
Severe feel the sector will take less than one year to return to relaxation of the currently
Impact 9.1% pre-COVID levels. imposed lockdown measures.
In doing so, such easing of
In addition restrictions is expected to fuel
12.5% STAY THE SAME
consider there are opportunities further sales activity.
73% within the sector
37.5% DECREASE
Pharmacy as a sector is expected
Key themes are:
to play an increasingly important
• Capitalising on pharmacy’s role in the vaccine roll-out
VIEW ON
role in the implementation of the
• Expanding service offerings
PRICING national vaccination programme,
• An improvement in sector funding
SENTIMENT further enhancing its profile as a
FOR 2021 38.7% of respondents are looking to sell their business key primary care service.
in 2021, with 29.0% looking to acquire a business or
additional pharmacies.
Further consolidation of
THE SURVEY RESPONSES UNDERPIN THE corporate pharmacy estates is
CURRENT LEVELS OF CONFIDENCE IN THE likely as they continue to divest
50.0% INCREASE PHARMACY SECTOR. marginal assets.
Business Outlook 2021 19CARE Image copyright Gaunt Francis Architects
Richard Lunn Michael Hodges
Managing Director - Care Managing Director - Care Consultancy
MARKET OVERVIEW
market, demand for assets has remained strong and,
Despite all the challenges of 2020, Income decreased as occupancy levels dropped overall, pricing has held up well. This is due to several
the care sector has demonstrated to circa 80% on average during the first wave, factors including a relative shortage of available stock and,
many families were reluctant to send elderly also, buyers taking a longer-term view as a consequence
admirable strength and resilience. relatives into care facilities due to concerns over of the sector being underpinned by strong needs-driven
Operationally, the sector has had to their ability to subsequently visit. fundamentals.
trade through an unprecedented In terms of the regional going concern market, during 2020,
we have successfully agreed many deals to an acquisitive
situation caused by COVID-19, with Following increased testing and other innovations such as
pool of local and regional operators.
care home operators and their staff dedicated COVID-secure visitor areas, admission levels have
started to slowly recover although most operators expect
doing an exceptional job in the the main recovery will take place later this year, following
With high street lenders preoccupied in
circumstances. the roll out of the vaccine.
administering the government’s loan support
In November 2020, we were proud to be the main sponsor One other impact of the pandemic has been a lack of schemes, 53% of these deals have been concluded
for the National Care Awards 2020. This was our 22nd year routine CQC inspections, although the Regulator has on a cash basis, and we have seen a 9% increase
as the main sponsor, and it was truly inspiring to hear the continued to monitor and risk assess through the use of in cash offers received from 2019 to 2020.
stories of strength and perseverance from all the finalists. technology and other means. We anticipate that the CQC
Congratulations once again to all. will increase its physical inspection activity this year once
vaccinations have been undertaken and with the increased Larger portfolio M&A activity has been more mixed with
2020 IMPACT availability of testing. several substantial processes being launched at the start
During the first wave of the pandemic, the care sector was of 2020 prior to being paused during the first lockdown.
OUR ACTIVITY
tragically hit with a number of resident deaths and numerous Very positively, a number now appear to be moving
forward and 2020 closed with the announcement that
operational challenges, including the sourcing of PPE and At Christie & Co, we have been very Priory Group had been sold to Waterland Private Equity
managing staff absences due to sickness or self-isolation.
Moving forward, as more support became available, the mindful of the challenges being for a reported £1.08 billion.
situation has certainly improved and, during the second faced by operators and have evolved
wave, homes were much better prepared in terms of having
the equipment, resources, and the support needed.
our working practices accordingly.
Care homes witnessed financial strain due to a combination One example of this is the use of virtual video tours which
of top line pressure on revenue coupled with an increase have proven to be very effective. Across all segments of the
in operational costs.
Business Outlook 2021 21CASE STUDIES
PORTFOLIO OF NINE THE INVESTMENT AND DEVELOPMENT materially enhanced through initiatives like ‘clap for carers’.
SCOTTISH CARE LANDSCAPE Many operators experienced a surge in job applications, and
HOMES this is to be welcomed.
Investment sentiment has remained strong, although some
We facilitated the sale and funds have remained relatively passive due to gating as a Investment appetite for the sector has also remained very
leaseback of a portfolio of consequence of material uncertainty clauses being added to strong, with a number of funds looking to diversify from
nine care homes in Scotland on behalf of Holmes Care valuation reports by fund valuers. We expect these funds to other more traditional asset classes like high street retail
Group. The portfolio was purchased by Impact Healthcare return strongly during 2021. Aside from UK sector specialist and offices into sectors such as care. A key attraction is the
REIT plc. for a net purchase price of £47.5 million. funds, we have seen significant activity from overseas needs-driven nature of the care sector which is reflected in
investors. Examples include Belgium REIT Aedifica together the strong level of development activity which has continued,
with US REIT, Medical Properties Trust, and Canadian REIT, largely unabated, throughout the pandemic with developers,
NorthWest Healthcare Properties. The latter two funds operators and investors all taking longer-term views.
concluded very significant hospital investment portfolio
BMI WOODLANDS transactions in the UK during 2020.
HOSPITAL,
In the case of developments, we have seen significant
DARLINGTON
appetite from a diverse range of buyers including operators
Richard Lunn, Managing and investors who are active in the care home and housing CHRISTIE & CO PRICE INDEX (%)
Director of Care and Mike with care/extra care markets. We have also seen an
increasing level of appetite from operators who are prepared For the first time since 2009, Christie & Co has observed
Hodges, Managing Director of Care Consultancy, acted for
to commit to leases on new developments with this fuelling a negative price index movement. This is largely due to a
Legal & General in the sale of its freehold interest in the reduction in trading performance, and is not related to the
BMI Woodlands Hospital for £29.4 million. forward funded investment activity.
demand for care businesses which remains strong - particularly
as a result of the sector’s profile during the pandemic.
SECTOR OUTLOOK
Whilst the pandemic has clearly had 6.1
THE WAVERLEY CARE some very tragic impacts, there have 5.0
5.5
CENTRE, PENARTH
been a number of important positives
We brokered the sale in terms of how the sector and wider 3.1
of The Waverley Care
Centre in Penarth to local society has responded.
operators Mr Jacob and Mrs Beena George of Bellavista
Care Homes, in one of the largest single-asset care home
Many operators and observers talk about a much closer
transactions in Wales.
relationship being forged between the NHS and Adult
Social Care, with long standing barriers being removed. The -1.5
social status of people working in care homes has also been
2016 2017 2018 2019 2020
Business Outlook 2021 22
22SENTIMENT SURVEY MARKET PREDICTIONS
HOW HEAVILY WAS YOUR BUSINESS IMPACTED HOW LONG DO YOU THINK IT WILL TAKE FOR THE An increase in activity as major portfolio
BY COVID-19? SECTOR TO RETURN TO PRE-COVID LEVELS? (%) processes paused in 2020 move forward and
new opportunities are placed on the market.
The social care sector has been at the forefront of the 2.9
pandemic with attention drawn to operational challenges and
Increased activity with investment transactions
the tragic volume of resident deaths. In a sector which already
faced staffing and funding challenges, it is no surprise that: 1 year or less as funds that have been gated, or otherwise
paused new deal activity during the latter part of
1-3 years 2020, return actively to the market.
92% 59.4 37.7
feel their business has been impacted by COVID-19. More than 3 years Occupancy levels are likely to re-build in 2021,
It is expected that it will take between 1-3 years for the sector
and referrals will increase as the vaccination and
to recover, however: testing programmes are rolled out during Q1.
38% Interest in the UK care sector from overseas
capital is likely to increase further and we
are more optimistic that recovery will be seen within the year.
may see European consolidators become
increasingly active in the UK market.
43% STAY THE SAME Development activity is likely to continue at
58% feel there is potential opportunity for the sector in 2021. pace, both for care homes and extra care/
housing with care schemes. The development
Common themes include:
of new facilities is essential to keep up with
• The need for government to address funding issues demographic demand and the structural
• Recovered occupancy levels due to: ageing population, undersupply of future-proof care beds
VIEW ON
PRICING reduced competition and delayed referrals from 2020 in the UK.
SENTIMENT
FOR 2021
37% • Expansion through acquiring new businesses and In summary, whilst the third national lockdown
redevelopment will create some challenges, there is equally very
36% of respondents said they are planning on selling their positive news relating to the vaccine roll out. As
37% DECREASE business or some assets in 2021, with 29% planning on we get to Easter and during H2, we anticipate a
acquiring. steady recovery in trading performance coupled
20% INCREASE with a notable increase in transactional volumes
THIS INDICATES WE CAN LOOK FORWARD TO AN
and a continued level of strong development
ACTIVE TRANSACTIONAL MARKET THIS YEAR.
activity.
Business Outlook 2021 23CHILD CENTRIC
Courteney Donaldson-Bourchier MRICS
Managing Director - Child Centric Sectors
MARKET OVERVIEW Thankfully, market activity did not stagnate for long. Easter
AGGREGATE VALUE OF OFFER VOLUMES BY MONTH IN 2020
proved to be a turning point, as buyers regained their appetite
On 18 March 2020, with just 48 hours’ to acquire, their confidence in the longer-term prospects of the
notice, the UK government called for markets, and recognised the resilience of child centric sectors.
all nurseries and schools to close. We witnessed a 9% increase in the number of offers received
per transaction in 2020 compared with 2019 and, of those
Early years settings and education establishments were asked received, the majority were within a very close range of the
to remain open only to children of key and frontline workers pre-pandemic asking price. This demonstrates our knowledge
until early summer, when staggered childcare and education and expertise in giving realistic, deliverable pricing advice to Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
services were permitted to resume. business owners at the outset of a sale process and shows that, Value of Offers Volume of Offers
With settings across the UK forced to close, many families despite everything, buyers are still willing to pay good prices for
recognised, more than ever, the incredible work of early years businesses.
practitioners and educators, and the challenges they overcome Despite all the year’s challenges, we did not see any significant
on a daily basis. diminution of values across child centric sector transactions. It
MARKET PREDICTIONS
The profile of child centric sectors and their workforces - be is also comforting to note that we are yet to see any significant
Following the end of the furlough scheme, business
they nursery, independent or specialist education - have come increase in sales driven specifically by businesses being in
to the fore during 2020. financial distress. rates holidays and revocation of the moratorium on
commercial landlords’ right to forfeiture for the
Many childcare providers and independent schools operated at THE FUNDING LANDSCAPE
non-payment of rent; we anticipate seeing an increase
a financial loss during the initial lockdown, facing the greatest 2020 saw a decline in the number of nursery businesses sold
sustainability challenges of their career as the cost of delivering in businesses in financial distress.
to first-time buyers.
childcare rocketed and local authority funding shortfalls widened.
All child centric providers need to receive recognition for their Following the lockdown and due to challenges including staffing, Substantial tax changes are likely to be announced in
service and dedication during this pandemic. Looking ahead, it is cash flow and occupancy re-growth, we initially saw a degree the Chancellor’s Spring Budget on 3 March 2021.
imperative that underfunded early years services need to be duly of nervousness from banks to fund first-time buyers as they
compensated with adequate funding from government. concentrated their support towards existing customers. Continued consolidation across all child centric sectors.
OUR ACTIVITY For offers accepted through Christie & Co, there was a marginal
The National Living Wage will continue to impact
weighting of Christie & Co clients favouring offers from cash
At the start of 2020, Christie & Co saw huge levels of market activity buyers over buyers with bank funding requirements (51% in the profitability of businesses.
and demand for child centric businesses, much of which halted 2020), although the volume of cash buyers differs significantly
when lockdown began. Operators’, buyers’, and prospective investors’ when compared to previous years (63% in 2019) highlighting the For day nurseries and schools, under-performing
attentions were immediately diverted away from their 2020 growth preference for the retention of cash by some buyers favouring assets are likely to see a value realignment.
and acquisition plans to focus on their existing business interests, acquisition finance in uncertain times.
operational challenges and business survival plans.
Business Outlook 2021 25Nick Brown NURSERIES CASE STUDIES
Director & Head of Brokerage Child Centric Sectors UK
KIDS ALLOWED,
NORTH WEST
2020 IMPACT/OVERVIEW and income shortfalls, continued to place a great strain on the Market leading nursery
workforce and financial sustainability alike. group, Kids Allowed, sold to
The UK’s day nursery expanding group operator,
OUR ACTIVITY
sector remains highly Kids Planet, in a competitive confidential sales process.
fragmented with c.80% While we have witnessed a slight slowdown in organic Founded in 2003, Kids Allowed has grown organically to
80% development in the nursery sector, as operators focus on their core encompass eight state-of-the-art, purpose-built settings,
of provision run by portfolios and the re-establishment of occupancy levels, we have providing childcare to c.2,000 children, and boasting an
independent operators. seen a notable increase in buyer demand and continue to see solid annual turnover in excess of £11,000,000.
offers being made for quality businesses. Despite a diminution in
the number of transactions, largely in part due to the market being FUTUREPATH
The sudden forced closure of nurseries created some significant closed during Q2, the transactions that we successfully completed CHILDCARE,
and immediate challenges for many childcare providers. during the first lockdown and through to year end all broadly HAMPSHIRE
Information released by the government came in thick and completed at sale prices akin to pre-pandemic pricing.
Futurepath Childcare
fast, with limited time for business owners to fully digest before With the exception of Q2 2020, across all child centric sectors we comprises five reputable
the next set of guidance was released. Many providers found saw an increase in corporate acquisition activity during the year, nurseries in high profile
it a real challenge to deal with the ever-changing nature of the with experienced operators benefiting from strong locations across the UK, offering a combined operating
government’s guidance during those first few weeks of spring sector knowledge and taking a long-term view. capacity for c.375 children.
lockdown. One of the most notable issues related to mixed
messaging about continued provision of funding and furloughing, Investor interest has remained very strong and banks have broadly Following a short confidential sale process the portfolio
alongside issues regarding insurance claims against the backdrop continued to be supportive of their existing and established was acquired by Grandir UK, an expanding French childcare
of the government’s closure directive. customer’s acquisition and expansion plans. operator which also owns and operates Kiddi Caru Day
Nurseries Group.
Initially, a large number of childcare settings stayed open to provide We also witnessed a huge uptick in buyer registration figures
for the children of key and frontline workers, but demand was during 2020. Data derived from our first Buyer Registration Index A STEP AHEAD
patchy. Many that stayed open incurred significant financial losses evidenced an impressive overall increase of 140% in child centric NURSERIES,
but felt ethically bound to ‘do their bit’ to aid fellow frontline workers buyer registration figures from 27 April - shortly after the UK WEST SUSSEX
and the NHS in fighting the pandemic. Others saw little demand government announced the beginning of the gradual easing of
from keyworkers for their services and they subsequently closed, lockdown restrictions - to 22 June 2020. This demonstrates the A Step Ahead
furloughing their staff. strength of the market and the perception of the opportunity it Nurseries is a
awards to potential investors. well-established, profitable group of six nursery settings
As the pandemic progressed into the autumn and winter months,
located across West Sussex, with an effective operating
more and more settings needed to recruit additional members of
capacity for circa 312 children.
staff in order to maintain and manage setting ‘bubbles’, to provide
cover while colleagues self-isolated, and in order to maintain The portfolio was sold mid-pandemic to new international
staff-to-child ratios – the combination of which, amid funding entrant, Ann Education.
Business Outlook 2021 26You can also read
