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Bridgewater seeks buyer



One of the three Commonwealth-appointed Bridgewater Aged Care facility administrators is confident that a purchaser for the home will be found.

Following a creditors’ meeting, Stephen Longley from PricewaterhouseCoopers said the facility will probably be closed down if it is not sold, forcing 107 residents to relocate and leaving 156 employees redundant.

“We want to conduct an orderly sale process and the timeframe we would like to see for that process is around six weeks,” said Mr Longley.

“If you look at what would attract a purchaser, the three key things you are looking for are there: it’s a high quality facility that is only four yeas old, the residents and their families are very happy in terms of the care they receive and the staff are dedicated and enjoy working there

“Obviously there is some room for improvement in the facility’s management, its systems and procedures and the way it is run from a financial perspective. But I believe an experienced provider that introduced its organisational touch could turn it turn into a great facility.”

Mr Longley said that no matter what happens, $8.5 million in accommodation bonds will be protected.

He added that more than $500,000 in outstanding superannuation contributions and back pay would probably be “picked up” by the purchaser of the facility if a sale were to go ahead.

The creditors will decide on the future of the company at another meeting, scheduled for 30 June.

“It is likely that it will go into liquidation,” said Mr Longley. “However, it may be beneficial for that meeting to be readjourned if, at that point in time, we are in the middle of a sale process.”



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