Cassiopeia Services introduces you to Bob Holt, chairman of Mears Group plc, for the second episode of the new show Money Lifestyle, produced by Tip TV, and hosted by Stefania Barbaglio and Zak Mir. Next week, Stef & Zak will be talking to Bob about Mears’ philanthropy philosophy and how it feels for him to give away his money.
Home care is a market with a lot of potential, especially if we think about the opportunities of adapting to the reality of an ageing British population and its needs. Still, the home care market is facing serious financial difficulties and systemic problems. Care providers work mainly through private initiatives and charities. The lack of cooperation between such organisations and the central government is driving wages too high for those in need of care to afford them, yet they remain too low for care workers to live on. Mears, though, as a company committed to improving community services, is attempting to address this issue.
The Mears Group plc (LON: MER) is a UK brand hoping to “make a positive difference to the communities it serves.” Mears provides housing and care services by developing partnerships with employees, clients, tenants, customers, their families and communities. Mears nowadays employs over 15,000 people across the country.
Mears Housing provides maintenance and management services to local authorities and registered social landlords in more than a million homes across the UK. Mears Care, another subsidiary of the group, is one of the UK’s leading providers of home care and support in a market where the current situation is not particularly favourable.
Credit: Mears Group Plc
Home care is ultimately about kindness, empathy and building relationships based on trust. Quite understandably, home care sometimes is not seen as a market at all. Yet the fact remains that the state of home care in Britain is in urgent need of attention.
A recent report from Mears and the Local Government Information Unit (LGiU) revealed that care is being purchased at unsustainable prices across England. The main reason for this broken system, according to the LGiU, is that there is simply not enough money going around. Many of those in need of care live in the uncertainty of not knowing how long they will be able to afford such services; and in turn, there is not enough money for providers to keep business going. Mears Care is providing support to around 30,000 people a year, while Alan Long, Executive Director at the Mears Group, says that the home care part of their business is losing about £3 million a year.
The King’s Fund estimates a £2 billion gap in social care funding. The solution for this gap, the report says, is in establishing clear agreements between home care providers, local councils and the central government regarding the needs of the population, costs of providing such services, and funding.
Even though home care is facing difficulties, Mears remains positive about its work and its prospects as a company. The Mears Group is a fast-growing company and analysts are optimistic about its future. Earnings are expected to grow from current levels of £0.21 to £0.38 over the next three years, and profits are expected to grow by roughly 2.3 times.
Credit: Simply Wall St. News
Within the London Stock Exchange, Mears is quoted under the FTSE4Good index, which measures the performance of companies demonstrating strong Environmental, Social and Governance (ESG) practices. Last month, Mears achieved national accreditation for Customer Service Excellence.
Mears is always looking for new additions to their team and new investors who share their core values: teamwork, commitment to one’s community, personal responsibility and innovation. To find out more about the services offered by Mears Group, visit mearsgroup.co.uk and consider being a Mears volunteer.
If you have any questions for Bob and the Mears Group, please get in touch with Stefania at Stefania@cassiopeia-ltd.com.