LUCRATIVE BUSINESS OF LOOKING AFTER ‘NAUGHTY’ CHILDREN

As soon as I applied online for a brochure, eager Luke, the portfolio manager, called to hard-sell the investment. Caring for these children is highly profitable, he said, with each child worth at least £2,500 and up to £5,500 a week for the multiply disabled, abused and damaged. “The naughtier children pay more,” he explained, with a bit of a laugh – though “naughty” might not be in the official social care lexicon. There are, he said, long waiting lists of children needing places. He rattled through the figures: their four-bed homes will make £214,000 a year profit at 75% occupancy and a whacking great £624,000 profit at full-bed occupancy. The brochure breaks down all the costs: staff at £232,100, food at £12,600 and so on.

JOURNALISTIC INVESTIGATION

West Dunbartonshire Council: “Renegotiations have taken place with a commercial lender other than RBS, resulting in a reduced interest rate. The council actively reviews rates for current loans in conjunction with Treasury advisors and where there are favourable terms, renegotiations are undertaken.”

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