Mon, 24 May 2010 | BUSINESS SALE
Grant Thornton is attempting to find a buyer for a portfolio of 64 Southern Cross-owned care homes after one of its largest landlords entered administration.
Lloyd's Nursing Homes Group, which is owned by the Israeli investment firm Arazin, was placed into administration in April after failing due to cash-flow problems. Arazin purchased the care homes from Blackstone for £194 million in 2005.
Daniel Smith of Grant Thornton said: "We are currently considering our options for the portfolio of 64 properties...and have already been approached by a number of interested parties."
It was reported earlier on this month that shares in Southern Cross had dived to 55p, their lowest level in 18 months, after the group announced tumbling occupancy levels and increasing pre-tax losses.
Jamie Buchan, Southern Cross's chief executive, explained that local authorities are showing restraint on fees and placements of older people, in preparation for expected cuts in the next fiscal year by the Government. The local authorities fund a significant proportion of care home placements.
Southern Cross operates 752 homes with around 39,000 beds, and recently leapt ahead of BUPA as the biggest residential care provider for the elderly.
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