Southern Cross, Britains largest care home provider, is to be broken up after attempts to rescue the company failed. It will transfer the ownership of its 752 homes to landlords, of whom want nothing more to do with the group, leading to shareholders investments bring wiped out and leaving uncertainty for residents.
The plan will see 250 of Southern Cross’s homes be transferred to landlords who are either care operators already or who have strong links to firms who provide such services for example Four Seasons and Bondcare.
Talks are ongoing for the remaining 500 homes, with a conclusion being made within the next four to five months.