Readcrest Capital: Cash from care, upside from concrete; Initiate with BUY - NuWays AG Research

Hamburg-based Readcrest Capital combines a steady UK domiciliary care provider with German real estate project development. The pairing looks odd at first sight, but rewards a closer look: stable, public-sector-backed cash flows on one side, the optionality of a distressed development pipeline on the other. Capital is the link. The Apr '26 disposal of the UK care home business for an initial £ 44m repaid £ 30m of debt and left £ 14m for domiciliary bolt-ons and the German projects — so the care pillar funds the development pillar without recourse to the equity market.

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