Southern Cross pleads for rent cut
Sunday 12 June 2011
The beleaguered care home operator Southern Cross Healthcare is finalising plans to give up the management of some of its homes to rival care operators and landlords.
It is thought Life Style Care, Four Seasons and BondCare, which all own some of Southern Cross's properties, are among operators and landlords in talks to take over the running of up to 13 homes. Southern Cross is withholding 30 per cent of rent due from the beginning of this month for its 750 care homes. The business had become locked in expensive rental agreements after its former owner, the private equity firm Blackstone, agreed the sale and leaseback deals.
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