Moran family plans return to nursing home development
The Moran family, who were major players in the private aged care sector for 50 years before family and financial problems in the 1990s, are now ‘getting back to their knitting’.
They plan to boost their current aged care interests of 4000 beds in 51 nursing homes, by buying sites and building about 200 beds a year, keeping the new homes as investments.
They expect to make money in the future out of redevelopment and are looking to buy sites.
The Moran group, led by son Mark Moran who is executive director of operations, is now dealing with Macquarie Bank’s Retirement Australia and last year sold them 11 nursing homes (1010 beds) for $189 million.
The group has made its financial comeback by managing homes and since 2001 “weeding out staff who were a throwback to the previous culture”, according to Mark Moran. “It was a shift from a Florence Nightingale role to business manager model, but one who still has strong abilities in care.”
