Tue, 17 May 2011 | DIVISION SALE
Representatives of troubled national care home company, Southern Cross, have refused to deny speculation that it is looking to sell off parts of or the whole company in a bid to raise enough money to keep it afloat.
It has been learned that the company has taken on boutique investment bank, Greenhill, to assist with potential sales that may help it generate the £100 million necessary to secure its future.
The company told investors last week that it was attempting to negotiate a reduction in its rent bill - by 30 per cent - over the next four months, in order to work out a longer-term rescue deal. Southern Cross looks after more than 31,000 elderly residents across 750 locations in the UK. It is understood that landlords have met the deal with reluctance and trepidation.
The restructuring plan, which was put together by chief executive Jamie Buchan, could see the company, which is based in Darlington, offload as many as 200 care homes, and give its landlords a share of the business.
The latest moves by the company - which have not eliminated the option of selling off the company in its entirety, if the right buyer can be found - appear to be a last-ditch attempt to prevent the loss-making company from falling into administration.
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