Fostering charity TACT Cymru wholeheartedly agrees with the call made by Wales children’s commissioner, for private companies to be prevented from making profits on children’s homes or foster care. Like Sally Holland, TACT would welcome an end to firms profiting from vulnerable children. Children with complex needs are well looked after by local councils and charities and not for profit enterprises.
TACT CEO Andy Elvin said: “Private equity backed firms bring no new practice to the table, they simply use financial muscle and leveraged debt to buy up smaller providers then charge the LA’s fees that cover the interest on the leveraged debt. They then sell up after a few year to make more profit with little regard to long terms outcomes for children.”