A crisis in social care funding has led to a doubling in the number of care homes collapsing into administration.
Accountants Wilkins Kennedy claim the high number of companies going bust is due to the government's squeeze on social care, coupled with rising debts and high rents.
In total, 73 care companies entered administration over the year to the end of September - compared with 35 in the previous months.
This summer, care home group Southern Cross collapsed, alongside a number of smaller firms such as Southern Care Group, Winnie Care Group and Grosvenor Care.
Last week, Argus Care Group - which has 500 residents in Scotland - also went in administration.
Anthony Cork, a partner at Wilkins Kennedy, said: ''The care sector has gone through a long period of expansion during the boom years with many companies taking on large debts to fund growth.
''This worked fine as long as local government funding kept increasing, but with the recession and cutbacks that ensued, many care homes found themselves unable to service their debts.
''In a growing economy, they could have sold their property assets for redevelopment to reduce their debt levels, but this wasn't an option because there are no buyers in the current market.''
He added that many care home groups rushed to sell their properties and lease them back at ever-increasing rents.
On Monday, care home company Renaissance will triple in size as it completes a deal to take over four former Southern Cross properties.
Campaigns & Issues
How you can help combat loneliness in your neighbourhood
A set of resources to help individuals, groups, communities and neighbourhoods take a closer look at – and to reduce – loneliness.
Joseph Rowntree Foundation and JRHT’s Neighbourhood approaches to loneliness has been a three-year action research programme exploring and identifying what makes us feel lonely, where we live and work and what we can all do about it – personally and professionally.
A smart move!
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Competitions & Fun
Win tickets to Eat Pray Laugh - Barry Humphries' Farewell Tour!
Global star and legendary entertainer Barry Humphries, whose creations include iconic Australian housewife Dame Edna Everage and the exuberant cultural attaché, Sir Les Patterson, takes his final bow across the UK with his acclaimed farewell tour, EAT, PRAY, LAUGH!
Barry Humphries has already bid farewell to audiences in Australia and New Zealand, receiving rapturous standing ovations and reviews, with further performances added across the tour, such was the demand.
EAT, PRAY, LAUGH! Will give audiences around the country a final chance to see Humphries – one of the world’s sharpest wits and finest comic talents, and a gigastar of stage and TV over the last 60 years – as well as allow the maestro to thank his many fans.
Win one of 31 fabulous travel treats from Silver Travel Advisor this December
Enter now and you could win one of the 31 travel treats from our Christmas Stocking.
Silver Travel Advisor is a friendly website packed with advice, tips, information and honest reviews written by and for silver travellers (aged over 50). A team of advisors are on hand to answer queries (for free), and you can share your own experiences too.
Health & Wellbeing
Preventing dementia through exercise
The Register of Exercise Professionals (REPs) welcomes today’s government announcement of the doubling of funding research into dementia.
The government committed to spend £52 million in 2012 to 2013, and up to £66 million by 2015; the ambition is now to double public, commercial and charitable R&D in dementia in the UK by 2025, supporting leading scientists, universities and other institutions in seeking the next breakthrough.
Property & Finance
MGM Advantage responds to FSCP annuity market findings
Andrew Tully, pensions technical director, MGM Advantage commented: "The annuity market is not working as well as it could for many people who retire each year.
"Too often we see people take the pension with the company they have saved with, without realising the benefits of shopping around, not only for the best rate but also the right shape of annuity, particularly taking into account health and lifestyle.
Leisure and Lifestyle
A third of drivers don’t enjoy it anymore
A third of drivers simply don’t enjoy driving anymore, according to a poll by road safety charity, the Institute of Advanced Motorists (IAM).
The main reason given for not enjoying driving on the roads was the cost of fuel (51%) closely followed by congestion (41%), no longer excited by driving (28%) and less leisure time (25.9%).
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