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17Feb94 UK: LOSSES PROVOKE ANGLIA SHAKE-UP.

Anglia Secure Homes, the loss-making sheltered homes group, has abandoned house building and has re-organised to concentrate on providing nursing homes and management services for the elderly.The Essex-based firm is raising £3.4 million in a rights issue and changing its name to Care UK.It is also buying the share it does not already own in the management business Haven Healthcare, and acquiring Community Health Services.The re-organisation came as it revealed results which were marred by a further £3.7 million of provisions, leaving the group with a pre-tax loss of £7.1 million for the year ending September (1992:£15.5 million loss).The sheltered housing business, where sales fell to 127 homes from 168 last year, is being disposed of together with debts of £22 million to a new company run by Anglia's managing director Richard Clough and finance director James Bryant.The group, whose shares once stood at over 400p but have languished at between 4p and 15p over the past year, has notched up heavy losses during the recession, leaving it with a net worth of minus £6.5 million.The new enlarged group expects to own or manage 15 nursing homes with 740 beds, of which 523 would be contracted. CONSTRUCTION NEWS