Hughes completes £340m refinancing deal with Cygnet

Posted on January 1st, by editor in Caring Times. No Comments

John Hughes, the man credited with turning around The Priory in the 1980s, has completed a buyout of Cygnet Health Care for £340 million. Cygnet, which was founded by Hughes in 1987, is one of Britain’s major independent providers of psychiatric treatment.

The deal has been completed in conjunction with healthcare group,Grove Ltd. Grove, which acquired a 25% stake in Cygnet in 2004, is also the owner of Barchester Healthcare, the UK’s premier care home operator.

Cygnet operates 16 centres across the UK with more than 600 inpatient beds for private and NHS funded patients. It provides a broad mix of specialist psychiatric treatment, focusing on a personalised service to patients with psychological, emotional and addiction problems.

The company was valued at £340 million, consisting of £280 million in equity plus £60 million in debt. Cygnet’s 450 managers and staff have ownership of 11 per cent of the business, with the remainder held by John Hughes, the com

Comments are closed.

Latest blog posts

A quick task for Monday morning

By Caring Times editor GEOFF HODGSON

Any measure which will go some way to stemming the tide of promotional pablum which is flooding our computers has...

Sutherland: remember him?

By guest blogger JEF SMITH

Half a century ago I had a series of wonderfully happy working holidays in Sutherland, that most beautiful part of north-west...

Postponing the inevitable

By Caring Times editor GEOFF HODGSON

In expressing their pleasure at being allocated an extra £40m in funding, Dementia Research UK makes the startling claim that...