Ireland’s largest nursing home operator Orpea has announced a new financial deal to manage debt repayments.

The care home group, which is facing a criminal investigation in France over allegations of the mistreatment of residents, has said it will also pay no dividend on 2021 earnings.

In its latest financial results, Orpea announced net profit had fallen to €65.2m in 2021 from €160m in the previous year.

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Net debt for the business grew to €7.89bn at the end of 2021 from €1.23bn in the year earlier.

To reduce debt, Orpea said it plans to sell over €1bn of assets by the end of 2023 and over €3bn of assets by end-2025.

The Group has said its operations in Ireland will not be affected by the investigation in France.

Orpea became Ireland’s largest nursing home owner and operator following a series of acquisitions, including six nursing homes from FirstCare in 2021.

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