Southern Cross hopes to save firm despite losses
- Published
Southern Cross has 31,000 residents
Troubled care home operator Southern Cross has said it has a "reasonable" chance of securing its future, despite announcing a 拢311m half-year loss.
Southern Cross, which says it can no longer afford to pay full rent at its 750 homes, is continuing talks with its landlords over a rent reduction.
The Darlington-based firm said that if a deal was agreed, it would open the way for it to seek 拢100m of new funds.
Its loss comes after it had to write-down the value of its investments.
The care homes run by Southern Cross have a total of 31,000 residents.
The firm runs homes across England, Wales and Northern Ireland.
In Scotland, it has sites in Aberdeenshire, Angus, Argyll and Bute, the Highlands and Islands and Lothian.
- Published12 April 2011
- Published28 March 2011