Southern Cross Care Homes

[melons]

They make fucking huge profits Melons, don't belive that shit.

 

Delve deeper into who they sold the business to.

 

I know they do, it just makes you wonder how much they were expecting to think they could go on the way they have.

 

 

SD you'd never of taken this stance two years ago, get a grip and relocate your values.

[Strontium]

SD you'd never of taken this stance two years ago, get a grip and relocate your values.

 

 

Two years ago, yeah I would. Maybe not five years ago.

 

I don't really know what that shit about "values" is. I just want to see people getting the best quality service for their money. Is that a bad thing?

[melons]

Two years ago, yeah I would. Maybe not five years ago.

 

I don't really know what that shit about "values" is. I just want to see people getting the best quality service for their money. Is that a bad thing?

 

You seemed to be one of the most liberal and socially sound people on here when i started posting, balancing the books didn't seem to be at the forefront of your posts. Maybe i'm recalling things wrongly.

 

No it's not a bad thing, people should get the best value for money. Sadly when it's paid into one pot it can't be directed to where it should, never filtering down to the service users. Shareholders have made a fortune, then done-one leaving a few to deal with the fall out and the residents homeless/careless.

[dennis tooth]

What's the "scramble" to find a new home for these people? They have homes. All that will happen is someone else will step in to run the homes, and hopefully run them better and avoid going bust like the last lot.

 

No they wont. You stupid cunt.

That wont be what happens, the private sector will see people out in the street, the public sector will take them in and care for them for life. Either way, the public sector will pay the bill, the private sector will steal money and call it profit.

This is people's lives, its not a case of being hopeful, we want to be totally sure.

 

Especially while your freinds go about cutting peoples pensions.

[dennis tooth]

Shit company doing a shit job goes bust. Since when was this a bad thing?

 

Even better, when it's the state doing a shit job, it's the taxpayer that gets stung, whereas here, the shareholders are the ones taking the hit.

 

U complete fucking rentboy. Its a bad thing since yesterday, because the fallout is a bit like Fukishima, its bigger than what 'Business Week' might concern itself with, Tepco shareholders lost a lot of money, why not point that out while you are at it.

 

Of course the effects of the Japanese population is the actual effect and the actual damage but we may also say the same about that Shit company goes bist. Since when was Fukishima a bad thing?

 

Are you claiming that if no one comes in to buy it, which is likely, that it is acceptable to throw elderly people out into the street or will you expect the taxpayer will have to step in?

Someone shoot's you in the face, by your logic they take the hit as they had to buy the bullet and will eventually go bust if they keep shooting people in the face.

[Elmyn Noos]

I think the tories and their little yellow buddies are right again on this issue. Let market forces sort it all out. Some altruistic private enterprise is bound to come along and snap up this asset-stripped loss-making money pit and look after the old dears. Why wouldn't they? If they don't, well, errr, they will. Surely. In any event we can't put it to the public sector in as we've spent too much time and energy demonizing those cunts.

 

hmm...we could just tip the old bed-wetters out onto the streets and blame the last government...

[dennis tooth]

I think the tories and their little yellow buddies are right again on this issue. Let market forces sort it all out. Some altruistic private enterprise is bound to come along and snap up this asset-stripped loss-making money pit and look after the old dears. Why wouldn't they? If they don't, well, errr, they will. Surely. In any event we can't put it to the public sector in as we've spent too much time and energy demonizing those cunts.

 

hmm...we could just tip the old bed-wetters out onto the streets and blame the last government...

 

Or better still, raise the retirement age and send them all back to work.

Surely there is graffitti to clean, that Banksy bastard.

[Anubis]

Southern Cross shareholders told of NHP role in break up | Business | The Guardian

 

 

Southern Cross shareholders told of NHP role in closure

 

Southern Cross chairman Christopher Fisher tells investors that former sister company and largest landlord forced winding-up

 

 

Simon Goodley

The Guardian, Wednesday 13 July 2011

 

 

Southern Cross, the stricken care home group, was forced into announcing its wind-up this week by its former sister company and largest landlord, shareholders were told on Tuesday.

 

Southern Cross chairman Christopher Fisher told an investors' meeting that NHP – itself controlled by a string of banks – "pulled the rug" from under its tenant causing the firm to conclude last weekend that it would have to be broken up.

 

In a further exchange, when asked by one shareholder why the company had given up so early, Fisher replied: "We don't have the luxury of the option of open-ended uncertainty …some [landlords] say what they don't mean. It's been a tightrope walk where we have sought careful advice about what we needed to disclose to the market."

 

The chairman finally closed the sparsely attended gathering, from which the media was barred, by saying: "That's it for questions. I'm not sure there will ever be such an occasion again." Last month Southern Cross announced that it had been forced to call a meeting to update investors "pursuant to section 656 of the Companies Act 2006" – a little-known section of company law that sets out the procedure that must be followed when the net assets of a public company fall below half of its called-up share capital.

 

The announcement came in the wake of the care-home group unilaterally slashing the rent it pays landlords by 30% in a desperate, and eventually futile, attempt to stave off collapse. Now residents and their families fear that homes will be closed.

 

Those at the meeting said that the company gave little extra detail and omitted to mention that Nancy Hollendoner was later to resign as a non-executive director. Hollendoner at least showed up. Fellow non-executive, Baroness Morgan of Huyton, did not.

 

Attendee Kevin Mansell, a small shareholder and a retired manager at the Commission for Social Care Inspection, said: "When the biggest provider in the country effectively goes into meltdown, the issues it creates are enormous. Has anybody got the ability to deal with these?" Mansell had written to the previous management in 2008 to highlight poor standards and how they would "jeopardise" the business model.

 

Current issues include how viable separate chunks of the Southern Cross portfolio are. Sunderland, for example, is thought to be operating at occupancy levels as low as 60%.

 

On Monday Southern Cross said 250 homes will be transferred to landlords who are either care operators or who have "strong links" to firms who provide such services. The owners of the remaining 500 homes are still "finalising their plans".

 

NHP, with about 250 homes, is in the latter group. It has hired Chai Patel, the former boss of the Priory clinics, who is expected to play a leading role in the NHP-owned properties.

 

The landlord, which was once owned by the private equity group Blackstone along with Southern Cross, declined to comment on the meeting. It reiterated comments made on Monday, which included: "Work with Southern Cross continues to make good progress".

[dennis tooth]

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