"Both directors have injected significant capital into Heritage Care in recent years to refurbish the homes and significantly improve standards,"he said,referring to co-owners Tony Antonopoulos and Peter Arvanitis,whose wealth was revealed inThe Sunday Age andSun Herald.
More details have emerged of the lavish lifestyles of Mr Antonopoulos and his wife,Stacey,who between them own half the shares in Heritage Care as well as a $10.5 million Canterbury mansion,and prestige cars including a Lamborghini,a Maserati and a limited-edition Rolls-Royce.
Both train at an eastern suburbs bodybuilding gym along with Areti Arvanitis,who with husband Peter owns the other half of the nursing home company. Ms Arvanitis is pictured driving a Ferrari home on the Instagram account of the gym's owner. The car is described in the caption as the"perfect leg-day vehicle".
"Yes,in the past there was money to be made from aged care,but at the moment few people want to invest,"Mr Reeve said."One may well ask why we're in the game. It's because we believe the situation will turn around,and Heritage wants to be a boutique,high-quality provider."
A report from aged care accountant StewartBrown showed that 60 per cent of Australian aged care homes recorded an operating loss in the nine months to March this year because of falling occupancy and rising costs. The aged care royal commission'srecent report on funding and finance in the sector referred to the need for a 50 to 100 per cent increase in funding"to increase quality and safety in aged care".