16 homes sold to stay solvent
Colvin prepares to go
Southern Cross Healthcare has recently sold 16 care homes in order to meet debt payments and as announced that chief executive Bill Colvin is to step down by mutual agreement with the company’s board.
Nine of the care homes were sold to a subsidiary of Daejan Holdings plc for £31.1m. The other seven were purchased by three separate companies – Kenplaid Ltd, Keybank Ltd and Lirkhollow Ltd – for a toal of £20.7m.