A new era has dawned for Maitland's most iconic aged care provider with fresh management taking the reins following a multi-million dollar sale.
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After 152 years, Maitland Benevolent Society Limited announced the sale of Benhome residential care and home care services to aged care provider Royal Freemasons' Benevolent Institution (RFBI) on Wednesday.
Chairman Bob Geoghegan said the sale would secure a prosperous future for the Maitland institution after declining profits forced the board to think about its future sustainability.
"This is great news for our residents and their families, our staff and the wider community," he said.
It has been a tough 12 months for the Regent Street facility after failing to meet 14 of 44 Department of Health standards in September. The ensuing sanctions were a further drain on the bottom line.
"We have been losing money for a number of years. The sanctions cost us an awful lot of money. This sale ensures the sustainability which was looking shaky," Mr Geoghegan said.
"It's been overwhelmingly appreciated, and people are happy."
RFBI has been providing aged care services in the Hunter and Maitland area for more than 43 years.
The new management will spend about $10 million on improvements at the Regent Street facility including breathing life back into heritage buildings Pender House and Rose Cottage.
RFBI chief executive Frank Price said there would be no changes on the ground for patients or staff.
"We are going to spend considerable money on capital works," Mr Price said. "Pender House is such a beautiful building and we are going to bring back to its former glory.
"The intention is to provide a full range of services. RFBI operates four other residential care villages in the Hunter region, three retirement villages as well as home care services.
"It seemed like a natural fit for us with Benhome."
Four staff from the Benhome finance and management team will not continue with the new owners, but all other staff will retain their current positions.
The sale process began late last year and seven not-for-profit reputable aged care providers were considered as part of the process.
The contracts have been signed, and settlement will take place on May 1.
