From Bed & Breakfast to Care Home: A Partnership of Trust and Growth

Maddaford Care Services (Ltd) is a family-run business with a rich history. Originally a bed and breakfast with 30 rooms, the business transitioned into a care home 12 years ago, now named Lakeside Care Home, in Okehampton, Devon. The property itself has been in the family for three generations, starting from when the grandparents first acquired the farm. This deep-rooted legacy has been a cornerstone of their business.

Whilst operating as a bed and breakfast, they collaborated with the nearby Ashbury Golf Course, providing guests with access to leisure facilities. This partnership was integral to the business, enhancing the guest experience and contributing to its reputation for quality hospitality. Even now, Lakeside has a golf buggy to take residents around the grounds.

A business evolution

Maddaford Care Services has been a client of Simpkins Edwards for over 30 years. Throughout this longstanding relationship, they have navigated numerous challenges, including transitioning from a bed and breakfast to a care home. This shift necessitated a comprehensive restructuring of services to meet the new demands of the care industry, which Simpkins Edwards supported through their expertise as well as working closely with other professional services such as banks and solicitors ensuring a smooth transition.

The COVID-19 pandemic posed an even greater challenge, demanding a firmer approach to management and immediate action on emerging issues. During the pandemic, Simpkins Edwards played a key role in helping Maddaford Care Services secure Job Retention Grants ensuring staff were paid during lockdown. They managed furlough applications, calculated entitlements and ensured compliance with evolving guidelines providing stability during a challenging time.

‘Caring’ about financial information

During this time working with Simpkins Edwards, Maddaford Care Services has benefited from a comprehensive set of services. These have included payroll management, quarterly management accounts, and management information reports that detail the financial performance of each bed within the care home.

This dynamic approach to accounting has allowed the family to make informed decisions regarding the business as situations arise, rather than waiting until the end of the financial year. Unlike traditional accountancy methods, which often provide financial insights retrospectively and annually, the rolling accounts and real-time data offered by Simpkins Edwards empower Maddaford Care Services to react promptly to financial trends and market or operational needs.

Beyond the business need

Additionally, Simpkins Edwards has provided invaluable assistance with financial planning and dividend distributions. We have also supported the family with personal financial affairs, including inheritance tax planning, ensuring a holistic approach to their service.

Recently, the family has turned their attention back to their agricultural roots. With the younger generation showing interest in farming, they plan to run this alongside their care home business.

The family describes their experience with Simpkins Edwards, and specifically Lisa Wonnacott, Director, as more personal and familial than a typical business relationship. They feel confident and worry-free, knowing they can have open and honest conversations. They view Simpkins Edwards not just as their accountants, but as trusted advisors who always have their best interests in mind.

“Our close relationship with Lisa is key. Whenever there’s a query, a simple phone call can often resolve it. The personal touch is invaluable.”

The relationship between Maddaford Care Services and Simpkins Edwards exemplifies the importance of trust, adaptability, and personal connection in business. From diversification to overcoming the challenges posed by the pandemic to exploring new ventures in farming, this enduring relationship has been a pillar of support and growth for over three decades.