The company, part of the Preston-based Eric Wright group, acquired the property from Blackpool Teaching Hospitals NHS Trust, creating around 30 jobs.
It plans to convert the facility into a residential care home with specialist dementia provision, and will deliver both the required refurbishment programme and the ongoing management in partnership with Spiral Health CIC (Community Interest Company).
Plans for the facility are yet to be finalised.
But initial designs include an extension to accommodate a residential unit of around 40 beds divided into distinct areas to facilitate the provision of dementia and specialist care.
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Other services planned for the unit include therapy services, with a focus on reablement and rehabilitation for the frail and elderly.
Christine Winstanley, director at Eric Wright Health and Care, explained: “This is a very exciting time for our two businesses to work more closely together.
“As the health and social care economy looks for new system enablers that are sustainable and cost effective, a partnership between a community interest company and an organisation wholly owned by a charity should be an ideal solution.
“Our involvement in taking on this existing facility and converting it into an intermediate and residential care facility will ensure that we continue to build on the legacy of Spiral Health’s service provision in Bispham.”