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Southern Cross hopes to save firm despite losses | Southern Cross hopes to save firm despite losses |
(about 1 hour later) | |
Troubled care home operator Southern Cross has said it has a "reasonable" chance of securing its future, despite announcing a £311m half-year loss. | Troubled care home operator Southern Cross has said it has a "reasonable" chance of securing its future, despite announcing a £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 £100m of new funds. | |
Its loss comes after it had to write-down the value of its investments. | 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 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. |
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