The plunder of children’s social care by private equity continues, despite the Government’s promise to end profiteering. Latest ‘snouts in the trough’ concerns Horizon Care & Education, owned by the private equity firm Graphite Capital 🧵
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Horizon is now responsible for the lives of almost 900 vulnerable children and young people, whose care and education has been outsourced by local councils. The company charged LAs £65 million last year, according to latest accounts
Underlying operating profits rose to £8 million (a 12% profit margin) from £6.9 million, at a time when local councils are struggling to find homes for children in their care.
The company’s investors have loaded the company with huge debts, now totalling almost £71 million, which gives rise to charges of £7.6 million. This money goes to Horizon’s banks and other investors, paid directly out of funds paid by the council for care of children.
The plunder has continued, despite a marked deterioration in the quality of care provided by Horizon. Currently, one in five of its children’s homes are rated below ‘good’ by Ofsted and one in four of its special schools.
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https://find-and-update.company-information.service.gov.uk/company/12135972/filing-history