CareTech, one of the biggest private providers of children's homes and foster care, has published its annual financial report today. Prepare to get very angry (thread, 1/).
While the rest of the country has been struggling during the pandemic, CareTech has been growing fast and earning lots of money. Profits have risen 20% to £60 million. 2/
Last year it charged local authorities £430 million for care of vulnerable children and young adults.
£430 million. 3/
£430 million. 3/
It paid £10.7 million in interest and £13 million in dividends to shareholders.
More than enough to fund children's services in a couple of our biggest local authorities for at least one year. 6/
More than enough to fund children's services in a couple of our biggest local authorities for at least one year. 6/
Stuff that makes me really angry: the chairman and chief executive earning almost £1 million each. Again. 7/
Executive bonuses total almost £1 billion. For a year in which more children needed care as families struggled during the pandemic. 8/
For the record, directors and their families also shared almost £1.6 million in dividend payments. Because... why not? 9/
Privatisation of children's services is bad for children and families, and bad for taxpayers. Business loves it. So do organisations like @theNAFP and #ICHA and their lobbyists. 10/
This is a real challenge for the #carereview Private business is exploiting a precarious financial ecosystem and children and families are paying the highest price through abuse, neglect, poor health and lives cut short. 11/