Southern Cross, Britain's largest care home provider, is to be broken up after attempts to rescue the company failed. The company told financiers that its 750 homes will being taken over by its landlords. Under the plan, 250 of Southern Cross's homes will be transferred to landlords who are either care operators already or who have strong links to firms who provide such services. The owners of the remaining 500 homes are still "finalising their plans", which could involve homes being sold. Southern Cross chief executive, Jamie Buchan, said: "My objective, and that of my team, is to continue to provide excellent care to every resident and to manage the programme of transition professionally."
Monday, July 11, 2011
Southern Cross to be broken up after rescue attempts fail
Southern Cross, Britain's largest care home provider, is to be broken up after attempts to rescue the company failed. The company told financiers that its 750 homes will being taken over by its landlords. Under the plan, 250 of Southern Cross's homes will be transferred to landlords who are either care operators already or who have strong links to firms who provide such services. The owners of the remaining 500 homes are still "finalising their plans", which could involve homes being sold. Southern Cross chief executive, Jamie Buchan, said: "My objective, and that of my team, is to continue to provide excellent care to every resident and to manage the programme of transition professionally."
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