A Ramsey retirement complex sold by its troubled UK-based owners has been taken over by a local residents’ association.

Four Seasons Health Care Group was one of the largest care home operators in Britain but it has carried out an auction of its assets over the last few months which is expected to fetch about £300m.

The move came after a protracted period in which Four Seasons was slimmed-down through a string of asset sales.

As part of the process, the freehold of Kings Reach Village on Jurby Road in Ramsey has been sold to an island company formed to oversee its management and development in the future.

Built in the late 1980s, the 40 apartments of Kings Reach Village are now being managed by the newly-formed company Kings Reach Residents Association Limited which means the complex will now be managed locally for the residents of the facility.

The one and two-bedroom apartments offer independent living within a secure environment, where residents enjoy peace and tranquillity with easy access to Ramsey.

Provided they are over 50, potential residents can buy the apartments on a leasehold arrangement, with the Kings Reach Resident’s Association Ltd overseeing the repairs and maintenance of the properties, the grounds and ponds throughout the complex.

This sale means that all funds gathered in the complex will stay in the island so that regular improvements and capital works can be made.

Throughout the process, Kings Reach Residents Associations Ltd were advised by island-based accountants, Yellowstone.

Adam Hudgeon, of Yellowstone, said: ‘When the freehold became available there was a lot of doubt around whether an institutional investor from the UK would buy it with a view to taking the funds and management of the village off the island.

‘We were proud to play our part in the purchase which will see the funds generated by the freehold remain in Ramsey and channelled towards improving the whole village.’

The group was approached by Four Seasons Health Care in 2023 to purchase the freehold and completed the purchase this week.

Following the announcement that Four Seasons Health Care plan to auction their UK properties, the directors of Kings Reach Residents Association Ltd added: ‘We are pleased that the Kings Reach Contract has been completed before any sale of Four Seasons wider assets.

The move follows a similar decision by residents to take over Saddle Mews in Douglas which was also owned by Four Seasons Health Care with the sale also overseen by Yellowstone. The purchase by the Saddle Mews Residents Association Ltd was completed in July this year.

The nearby Crovan Court Care Home on the former Kings Reach home site is run by LV Care Group, having opened in 2019.