Ex-Nestor boss plans new float

MIKE ROGERS, the deposed founder of the Nestor care-home firm, is returning to the market with a new care business, this time focused on looking after people in their own homes.

Careforce Group is planning to raise £7m in a deal next month that will value the company at £20m.

'The argument for home care is simple: Hands up who wants to go into residential care?' says Rogers, who was ousted in 1996. 'The trend is increasingly to try to keep people in their own homes.

'Often, 24-hour care is not really needed, just a morning and evening visit. In those circumstances, it is preferable.'

Founded in 1999, the company is already turning over £12.5m a year and is profitable, according to Rogers. He says the company has long-term earnings locked in by agreeing contracts to provide care with local authorities.