This paragraph from an article in The Telegraph about the impending failure of Souther Cross Care homes - and whether taxpayers' money should be used to bail them out - immediately caught my eye:
Southern Cross, which made a £311 million loss in the six months to the end of March, has blamed its problems on reduced council spending on long-term care. The group announced this week that it will be forced to cut the rent it pays to the landlords of the homes it runs by 30% for four months.
Nuff said.
Another one bites the dust
1 hour ago
3 comments:
In the report I heard the properties used to belong to the company but were sold with a guarantedd rent to the said landlords.
D. Sold. But who to? It could be an internal exercise.
Relevant -
http://www.dailymail.co.uk/news/article-1393294/Southern-Cross-Healthcare-destroyed-Stephen-Schwarzmans-private-equity-firm-Blackstone.html
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