HC-One Ltd

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HC-One, standing for Health and Care, is a British healthcare management company, ultimately controlled by two US private equity companies.[1] It is the UK's largest care home operator, with 329 care homes, and specialises in dementia, nursing, residential and specialist care for elderly people.[2]

Tax Policy: HC-One has a complex corporate structure, “with 50 companies, 6 of which are registered offshore either in the Cayman Islands or Jersey and a further 5 in the UK as foreign entities”, which makes tracing the flow of money very difficult. Although HC-One has declared a loss in every year except one since its creation in 2011, investors received cash dividends of £42.3m in 2017 and £6.2m in 2018. HC-One has paid no corporation tax in that time, but instead received net tax credits of £6.5m since its reorganisation in 2014.
The group's auditors are infamous offshore tax-avoidance experts Deloitte. HC-One's structure “means investors and executives are likely to have received much greater sums as only one subsidiary, FC Skyfall Upper Midco Ltd, files consolidated accounts”.[3]
Court Cavendish, owned by Dr Chai Patel (90%) and his family trust (10%), has received £25m in management fees.

Company

Ownership

Structure

  • FC Skyfall LP, real estate fund, reg. Cayman Islands Flag-Cayman-Islands.svg
    • FC Skyfall Holdco 3 Ltd, OC, reg. Cayman Islands Flag-Cayman-Islands.svg
      • FC Oval Holdco 1 Ltd, CH, reg. Cayman Islands Flag-Cayman-Islands.svg
        • FC Oval Holdco 3 Ltd, CH, reg. Cayman Islands Flag-Cayman-Islands.svg
          • FC Oval Bidco Ltd, CH, reg. Cayman Islands Flag-Cayman-Islands.svg
            • HC-One Oval Ltd, OC
      • FC Skyfall Upper Midco Ltd, OC
        • HC-One Alium Holdco Ltd, OC
          • HC-One Alium Parentco Ltd, OC
            • Kettlewell House and Operations Ltd, OC
            • Hailsham House and Operations Ltd, OC
        • FC Skyfall Lower Midco Ltd, OC
          • FC Skyfall Intermediate Holdco 1 Ltd, OC
            • FC Skyfall Intermediate Holdco 2 Ltd, OC
              • FC Skyfall Intermediate Holdco 3 Ltd, OC
                • FC Skyfall Bidco Ltd, OC
                  •  ?? ...
                    • NHP Holdco 1 Ltd, OC, reg. Cayman Islands Flag-Cayman-Islands.svg
                      • NHP Holdco 2 Ltd, OC
                        • NHP Holdco 3 Ltd, branch, OC, reg. Cayman Islands Flag-Cayman-Islands.svg
                          • Libra Careco Holdings Ltd, OC
                            • Libra Careco Investments 1 Ltd, OC
                              • Libra Careco Investments 2 Ltd, OC
                                • Libra Careco Ltd, OC
                                  • NHP Ltd, OC
                                    • NHP Securities No.3 Ltd, OC
                  • FC Beamish Bidco Ltd, OC
                    • HC-One Beamish Ltd, OC
                  • Meridian Healthcare (Holdings) Ltd, OC
                    • Meridian Healthcare Ltd, OC
                  • Libra Intermediate Holdco Ltd, OC, reg. Jersey Flag-Jersey.svg
                    • HC-One Ltd, OC
                      • RV Care Homes Ltd, Registration No. 07417290

Subsidiaries whose immediate parent is not disclosed:
  • FC Skyfall Turnaround Holdings Ltd, reg. Cayman Islands Flag-Cayman-Islands.svg
    • FC Skyfall TA Intermediate CayCo 1 Ltd, branch, OC, reg. Cayman Islands Flag-Cayman-Islands.svg
      • FC Skyfall TA Intermediate CayCo 2 Ltd, branch, OC, reg. Cayman Islands Flag-Cayman-Islands.svg
        • FC Skyfall TA Ltd, OC

  • FC Skyfall SPV Ltd, branch, OC, reg. Cayman Islands Flag-Cayman-Islands.svg
    • FC Skyfall TopCo Ltd, branch, OC, reg. Cayman Islands Flag-Cayman-Islands.svg

  • NHP Propco Holdco Ltd, all dissolved Jul.2016, OC, IP: Loyd's Careco UK Ltd;OC UP: Loyd's Nursing Homes UK Ltd,OC, formed Aug.2005 by X-Pand Ltd reg. British Virgin Islands. Flag-British-Virgin-Islands.svg

Timelines

HC-One

2018 HC-One was put up for sale with a £1bn price tag.[4]
Aug.2017 BUPA Care Homes Ltd: HC-One completed the acquisition of 122 care homes from BUPA's subsidiary FC Oval Bidco Ltd, a Cayman Islands-registered company. The deal made HC-One the biggest UK operator of residential homes.[5] The Competition and Markets Authority cleared the acquisition in Nov.2017.[6] Safanad Inc, along with StepStone Group LP, provided additional capital for the acquisition.[7]
Jan.2017 Helen McArdle Care, with 19 care homes, was acquired.[8]
Feb.2015 Meridian Healthcare Ltd, a 30-home group with 1,500 beds, was acquired by HC-One, again financed by investment from Formation Capital, Safanad, Court Cavendish and HCP Inc.[9] Website.arch
Nov.2014 HC-One was acquired by Formation Capital LLP in partnership with US/Dubai investment firm Safanad Inc,[10] and Court Cavendish Healthcare Management Services Ltd.[11] American property giant HCP Inc, specialising in healthcare industry real estate, was the lead investor financing the deal. Formation Capital.arch
2014 Company structure reorganisation.[1]
Nov.2011 HC-One was officially launched.[12] HC-One was formed by NHP Ltd and Court Cavendish. HC-One took over the running of 241 NHP-owned care homes formerly operated by Southern Cross Healthcare.[13]

NHP Ltd

Nursing Home Properties was formed by Richard Ellert in Mar.1993 to develop the American concept of Real Estate Investment Trusts (REITs), separating ownership of nursing homes from their operation. REITs enable investors to participate in specialist sectors of the property market by buying and selling shares in a REIT, rather than buying and selling direct property investments. Website.arch
Subsequent to NHP Ltd's acquisition by Formation Capital, Safanad and Court Cavendish in Nov.2014, all property interests were sold; company filings do not disclose to whom.

Jul.2011 HC-One Ltd, a new subsidiary of the group, was formed as a new care home operator.[14] In Oct.2011 HC-One took over operation of 242 care homes from Southern Cross Healthcare Group Ltd. The group now controls both the property and operations of the care homes and can therefore ensure that HC-One is able to operate without the burden of uneconomic rent obligations.
Jul.2011 Southern Cross Healthcare collapsed, and control of its 750 care homes was taken over by their landlords.[15] NHP Ltd, Southern Cross's largest landlord with 250 homes, hired Dr Chai Patel, founder of healthcare investment group Court Cavendish and former CEO of the Priory Group, to form a new company to operate its 249 care homes.[16]
Sept.2008 NHP breached onerous financing agreements carrying usorious interest charges, due to a fall in property values. As a consequence, a standstill agreement was put into place until Apr.2009 (extended to Apr.2012) to allow the group to negotiate a solution.
Dec.2006 NHP Ltd was sold to investment fund Three Delta,[17] backed by the Qatar Investment Authority. NHP took Southern Cross's leases with it. Blackstone negotiated lease deals with the QIA, which committed the company to annual rent increases of 2.5% per year for 35 years.[18][19]
Mar.2006
Royal-Bank-of-Scotland.svgDeals-All-Change.svg
Royal Bank of Scotland plc bought NHP Ltd from the Blackstone Group, via Cayman Islands-registered Libra No.3 Ltd, which acquired TBG CareCo Offshore SuperHoldCo Ltd's holdings in TBG CareCo Ltd.[19]
Buildings-Commercial.svg
Property Portfolio Sale: Blackstone made £1bn from the deal.
Sept.2005
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Property Portfolio Sale: TBG Careco UK Ltd and TBG Propco Ltd, together owning interests in 63 properties, were sold to Loyd's Nursing Homes UK Ltd,OpenCorporates-sm.svg owned by Israeli company Arazim Investments Ltd; AR-Sept.2005 M Gurvitz owns 73.46% of Arazim Investments.
May.2005
Buildings-Commercial.svg
Property Portfolio Sale: Blackstone completed the “sale and leaseback” of Southern Cross's 21 freehold properties to ??. The transaction brought Blackstone £100m.[20]
Apr.2005 Merger: Blackstone merged Highfield Care Group with Southern Cross Healthcare.[21] Southern Cross then acted as an "operating company" that carried out the care, while NHP was a pure property company owning the leaseholds to the homes. Southern Cross rented care homes from a number of landlord companies, including NHP which became its largest landlord. Blackstone's Southern Cross Bidco Ltd acquired Highfield Care's portfolio of 186 care homes.[22]:39 AR-Sept.2005
Apr.2005 NHP plc was delisted from the London Stock Exchange. Highfield Care Group was sold to TBG CareCo Holdings Ltd (held for resale). In Oct.2005, TBG CareCo Offshore SuperHoldCo Ltd, reg. Cayman Islands, became the ultimate controlling party.
Nov.2004 NHP plc was acquired by the Blackstone Group via TBG CareCo Ltd.[23] The acquisition prompted an investigation by the European Commission,[24] but the Office of Fair Trading requested the matter be handed over to them.[25] By this point, NHP owned 357 care homes,[26] as well as Highfield Care, the 3rd-largest care home operator in the UK.[17]
Sept.2004 Southern Cross Healthcare Ltd was acquired by the Blackstone Group from West Private Equity.ref
Mar.2004 NHP Healthcare Partnerships, NHP's specialist care business, was sold to management, financed by US private equity firm GI Partners.[27] NHPHP went on to become the Cambian Group plc.[28][29]
2004 Expansion: Apr.2004: Abbeycourt Care Ltd was acquired for £1 by Highfield Home Properties Ltd.OC May.2004: Ultima Holdings Ltd was acquired for £1 by NHP Securities No.3 Ltd.
2003 Expansion: NHP's property business derived ~90% of its rental income from 4 tenants, one of which was Highfield Care, with 159 operated companies and 207 investment properties. Highfield operated homes leased primarily from NHP. Apr.2003: Eastwood Care Homes (Northampton) Ltd went into receivership; all 9 homes were assigned to Southern Cross. Oct.2003: Puretruce Care Ltd (14 NHP homes) went into receivership; NHP took on the management of the homes. (AR-Sept.2003)
2002 Expansion: Jan.2002: Harmony Care Homes Ltd (16 NHP homes) went into receivership. Sept.2002: 6 subsidiaries of Union Healthcare Group Ltd (41 homes) went into receivership. Sept.2002: Healthcare Investments (No.2) Ltd went into receivership. NHP took on the management of all homes for the Receiver. (AR-Sept.2002)
2002 Highfield Care was launched.[30] Somerford Leased Homes Ltd, Palladium Healthcare Ltd and Highfield Holdings Ltd were consolidated into one national management team under the Highfield banner. (AR-Sept.2001) Highfield Care.arch
Jan.2001 Highfield Holdings Ltd: a 49% interest was acquired from Apax Partners with a view to transferring more leases into it to create an in-house care homes operator. The remaining 51% interest was acquired from management for £1 in Dec. Highfield Holdings was the parent company of Highfield Home Properties Ltd,OC 3rd-largest operator of NHP-owned homes with 69 homes, 45 of which were owned by NHP.† Highfield Group.arch
1999‑2001 Expansion: NHP sold 5 care homes to Ashbourne plc. Oct.1999: 26 care homes managed by Advantage Healthcare Group Ltd went into receivership. Feb.2000: 19 care homes managed by Westwood Care Ltd went into receivership. Acquired an investment in Ultima Holdings Ltd, parent company of Ultima Healthcare Ltd, an NHP tenant. Sept.2001: acq'd Palladium Healthcare Ltd, parent company of Palladium Leased Homes Ltd, an NHP tenant. Feb.2001: acq'd Somerford Leased Homes Ltd from Somerford Health Care Ltd and First Choice Health Care Ltd. Oct.2001: Cherish Healthcare Ltd and Loughbray Ltd, both NHP tenants, went into receivership. The Cherish homes were acquired by Highfield Care. (AR-Sept.2000)
1995 Expansion: Jan.1995 bought 2 development sites in Clapham and London from ANS plc; Jan.+Jun.1995: 5 nursing homes in Northern Ireland from Tamaris plc; Feb.+Sept.1995: 3 homes in Scotland from Grampian Care Ltd; Jul.1995: Stanton Lodge Nursing Home from Speciality Care plc.
Jan.1995
London-Stock-Exchange.svg
NHP raised ££s via a Placing; it was then floated on the London Stock Exchange in Apr; and on the AIM in Aug.
Mar.1993 Nursing Home Properties plc was incorporated to purchase freehold and long leasehold interests in modern nursing homes, which would then be leased back to the nursing home operators.
Additional Sources: NHP Ltd. Companies House, OpenCorporates-sm.svg. Accessed Aug.2019.
† Highfield Group LtdOpenCorporates-sm.svg was formed in 1986 by Martin, Anthony and Meriel Joyce. It grew to be one of the largest healthcare operators in the UK, with 70+ nursing and residential homes.
‡ NHP Healthcare Partnerships, NHP's specialist care business, was sold to management, financed by US private equity firm GI Partners.[27] NHPHP went on to become Cambian Group plc,[28][29] Pitchbook, CambianGroup.com now owned by CareTech Holdings plc.

Southern Cross Healthcare

Southern Cross Healthcare Group plc was, at its height, the largest provider of 750+ care homes across the country for 37,000+ elderly residents, and a major provider of specialist services for people with physical and/or learning disabilities.[31] Southern Cross HealthcareWikipedia-W.svg
Sept.2016 Southern Cross was wound up and dissolved.[32] Blackstone denied any responsibility.[33]
Jul.2011 Southern Cross collapsed, and control of its 750 care homes was taken over by their landlords.[15]
§ NHP Ltd, its largest landlord with 250 homes, hired Dr Chai Patel, founder of heatlhcare investment group Court Cavendish and former CEO of the Priory Group clinics, to form a new company HC-One Ltd to operate its 249 care homes.[16]
Four Seasons Health Care founder Robert Kilgour, formed a partnership with the owners of 11 homes.[34]
May.2010 The tough economic conditions meant councils were referring fewer people, plus insisting on lower fees for residents. Furthermore, Southern Cross was now locked into rising rents being demanded by its leaseholder, NHP Ltd (amongst others).[35]
2009 Deteriorating standards of care were seeping into media reports; the Care Quality Commission was serving improvement orders.
Summer.2008 The financial crisis struck. Southern Cross had been buying properties then selling them on again, whilst keeping a long-term lease - but the crash meant buyers weren't interested. Major shareholders were investment banks and other financial institutions: Credit Suisse, JO Hambro, Deutsche Bank, UBS AG, and Channel Islands investment trust Wintrust (Guernsey).
Mar.2007 Blackstone sold its final 43% stake in Southern Cross making a profit of £1.1bn in ~3 years.[36]
Jul.2006
London-Stock-Exchange.svg
Blackstone floated Southern Cross on the London Stock Exchange.[22]
Jun.2006
Former-HM-Govt.svg
Baroness Sally Morgan of Huyton became a Director, to give Southern Cross "an insight into govt healthcare plans".[18] She also sat on the Remuneration Committee, and chaired the Quality Assurance Committee. Morgan served as Tony Blair's political secretary, and was then chairman of OfSted.[37]ref
Nov.2005
Southern-Cross-Healthcare-Ashbourne-Healthcare.svgDeals-Arrow-Left.svg
Ashbourne Healthcare, operator of 193 care homes, was acquired by Southern Cross Bidco Ltd from management and Cannon Capital, owned by Bank of Scotland Corporate.[38][39][40] The acquisition boosted Southern Cross's portfolio from 15,000 beds to 25,000.[41]
2005-2006 Acquisitions: see [22]:46
Sept.2004 Secondary Buy-out: management, financed by the USA's Blackstone Capital Partners, bought out West Private Equity and Healthcare Investments Ltd.[42][43]
May.2004 Intercare Group, a provider of residential care facilities, was purchased by Active Care Partnerships Ltd, a wholly owned subsidiary.[44]
Oct.2003 Eastwood Care, with 9 specialist homes, was acquired.[22]
Aug.2002 Management Buy-out: management, financed by Germany's West Private Equity (WestLB AG [3]) and Healthcare Investments Ltd, acquired Southern Cross.[45][22][46]
Feb.2002 Trinity Care, with 26 homes, was acquired.[45][22]
Apr.2001 Ultima Care's parent company Ultima Holdings LtdOC contracted with Southern Cross for management and operation of its 39 care homes, and assigned 39 of its 44 leases for £1 each.[45][22]
1996 Southern Cross Healthcare was founded by John Moreton.[46]

Ashbourne Care Homes

Southern-Cross-Healthcare-Ashbourne-Healthcare.svg
Nov.2005
Buildings-Commercial.svgDeals-All-Change.svg
Southern Cross: Bank of Scotland Corporate's Cannon Capital sold the operating business to Blackstone-owned Southern Cross.[38],[47] The acquisition boosted Southern Cross's portfolio from 15,000 beds to 25,000.[41],[48][49]
Oct.2005
Buildings-Commercial.svgDeals-Arrow-Right.svg
Property Portfolio Sale: Bank of Scotland Corporate's Cannon Capital sold the remainder of Ashbourne' property portfolio to privately-held real estate and leisure investment firm London & Regional Properties. (todo) (CH)
Oct.2005
Buildings-Commercial.svgDeals-Arrow-Right.svg
Property Portfolio Sale: Bank of Scotland Corporate's Cannon Capital sold interests in 63 of Ashbourne's properties to Loyd's Nursing Homes UK Ltd,OC owned by Israeli company Arazim Investments Ltd.[50] (AR-Sept.2005) M Gurvitz owns 73.46% of Arazim Investments.
Apr.2005 Ridgmont Care, owner and operator of 19 care homes for the elderly and the UK’s 12th largest care homes operator, was bought from Graphite Capital Management LLP.[51][4][5] (In 1995, Roger Storey set up Ridgmont with financial backing from private equity group Cinven. In 2001, Cinven sold its majority stake to venture capital firm Graphite Capital.[40])
Feb.2005 Management Buy-out: James Flaherty, financed by HBOS plc, led an MBO to acquire Ashbourne from Electra Partners in a secondary buy-out.[52]Electra Partners Europe made ~£110m in less than a year when it unloaded Ashbourne Healthcare to Bank of Scotland Corporate Banking's Cannon Capital.
Nov.2004 Highclear Homes, owner and manager of 27 nursing homes, was bought from its founders. the Patel brothers.[53] The deal made Ashbourne the 4th largest operator of care homes for the elderly.[54]
Apr.2003
Motion-Equity-Partners-EPE.svgDeals-All-Change.svg
Management buy-in: Electra Partners Europe backed the joint venture between existing management and HBOS.[39]
May.1995 Ashbourne Homes: Electra Partners backed an MBO.[55][43]

Articles

  • Aug.15.2017: Fears over debt mountain at BUPA care homes bidder HC-One. Accounts for the year to Sept.2016 show that, of its 210 homes, 51 were “non-compliant” with the regulator’s requirements. HC-One’s number of care staff fell by 800 to 10,979 in the year. Evening Standard, Jim Armitage.
  • Jul.16.2011: Southern Cross's incurably flawed business model let down the vulnerable. The collapse of Southern Cross has re-ignited the debate over the role of private finance in the care-home sector. Peter Hay, president of the Association of Directors of Adult Social Services, disagreed. But Emily Thornberry, shadow health minister, said: "Social care cannot be left to uncontrolled market forces". Health minister Paul Burstow says the new NHS regulator, Monitor, could ensure private care companies avoid risky business models of the kind that sank Southern Cross. Much more needs to be done, because one thing is sure: without tighter regulation and better policing, there will be more Southern Crosses. The Guardian, Richard Wachman.
  • Apr.24.2008: Neglect case: home's 'recruitment crisis'. Gladys Thomas, 84, died five weeks after arriving at the home in Sept.2005. There was pressure “from above” to stick to budgets set on the basis of employing the fewest staff allowed. Ashbourne, operator of 130 care homes, did not insist on formal qualifications or experience for its care assistants. WalesOnline.

References

  1. ^ a b Fears over debt mountain at Bupa care homes bidder HC-One. HC-One appears to have debts of £287m, with analysts saying the Bupa deal could take that over £600m. Controversial hedge fund Och-Ziff Capital Management Group LLC and US investment bank Citigroup Inc re-financed HC-One’s loans in Jul.2017. Evening Standard, Jim Armitage. Aug.15.2017
  2. ^ Care home operator HC-One launched. Nursing Times, Press Association. Nov.02.2011
  3. ^ Care home group paid £48.5m in dividends while warning of cuts. “... this company is ramping up its debt and paying high interest rates and huge management charges to facilitate financial gains for its owners, while leaving the risk with residents, employees and the state.” The Financial Times, Gill Plimmer. May.10.2019
  4. ^ Britain’s biggest care home business for sale. HC-One on sale for £1bn amid growing investor interest in the sector. Financial Times. May.21.2018
  5. ^ Bupa sells 122 care homes for £300m. The Telegraph, Iain Withers. Aug.23.2017
  6. ^ FC Oval / Bupa merger inquiry. The CMA investigated and cleared the anticipated acquisition by FC Oval Bidco Limited of Bupa Care Homes Limited. Gov.uk, Competition and Markets Authority. Nov.06.2017
  7. ^ Safanad beefs up stake in HC-One. PE Hub Network, Press Release. Aug.28.2017
  8. ^ HC-One buys Helen McArdle Care. Care Home Professional. Jan.11.2017
  9. ^ HC-One Acquires Meridian Healthcare 30 Home Portfolio. Business Wire. Feb.09.2015
  10. ^ Formation and Safanad Join with Court Cavendish to Acquire NHP. Safanad Inc. Nov.03.2014
  11. ^ Formation and Safanad Join with Court Cavendish to Acquire NHP. Business Wire. Nov.03.2014
  12. ^ NHP Overview. NHP Ltd. Original archived on Mar.22.2012.
  13. ^ HC-One: Health Care focused on each individual. Launching on 1st November 2011, HC-One is a new operating company formed by care home landlord NHP and health and social care operator turnaround experts Court Cavendish. HC-One, Press Release. Nov.01.2011 Original archived
  14. ^ HC-One care homes acquired for £477m. CareHome.co.uk. Nov.06.2014
  15. ^ a b Southern Cross landlords to take over all homes. The Guardian, Graeme Wearden. Jul.11.2011
  16. ^ a b Dr Chai Patel moves from Kate Moss to Southern Cross care homes. The Telegraph. Jul.30.2011
  17. ^ a b Old, sick – and homeless?. The Telegraph. Jun.05.2011
  18. ^ a b £1bn gamble of the care home sharks revealed: Southern Cross predators sold off almost 300 homes to RBS. Mail Online. Jun.04.2011
  19. ^ a b Response to misleading UK news story about former portfolio company Southern Cross. Blackstone Group Inc. Jun.02.2011
  20. ^ Southern Cross, a haunting example of how privatisation can go wrong. New Statesman. Jun.23.2011
  21. ^ NHP Recommends Offer by Blackstone. Blackstone Group Inc. Nov.29.2004
  22. ^ a b c d e f g Annual Report and Accounts 2006 (pdf). Southern Cross Healthcare, page 65. Oct.2006 Original archived
  23. ^ NHP agrees £564m sale. The Scotsman. Nov.30.2004 Original archived
  24. ^ Case No. COMPP/M 3669 - Blackstone (TBG CareCo / NHP. Regulation (EC) No 139/2004 Merger Procedure. European Commission. Jan.02.2005
  25. ^ Brussels refers Blackstone bid for NHP homes to UK watchdog. The Independent, Rachel Stevenson. Feb.03.2005
  26. ^ Completed acquisition by Southern Cross Healthcare Group Limited of Cannon Capital Ventures Limited. Office of Fair Trading. Jan.03.2006
  27. ^ a b NHP plc. Disposal of NHP Healthcare Partnerships. Investegate. Mar.25.2004
  28. ^ a b Cambian Group. SourceWatch. Accessed Aug.2019.
  29. ^ a b To be able to copy & paste content to share with others please contact us at subscriptions@peimedia.com to upgrade your subscription to the appropriate licence. Private Equity International. Jun.02.2004
  30. ^ Highfield Group. See also Profile 2000. Fast Track. 1999
  31. ^ About Us. Southern Cross Healthcare. Original archived on Oct.02.2011.
  32. ^ Southern Cross. Southern Cross Healthcare Group plc. Feb.2012 Original archived
  33. ^ Blackstone denies blame for Southern Cross's plight. The Guardian, Alex Hawkes. Jun.02.2011
  34. ^ Southern Cross homes take over by Lothian operator. BBC News. Jul.25.2011
  35. ^ Southern Cross slashes rent to avoid mass care home closure. Experts warn that care home provider could soon collapse into administration. Southern Cross itself warned last month that it is now in a "critical financial position", after seeing rent payments rise faster than its income. The Guardian, Graeme Wearden. Jun.01.2011
  36. ^ Blackstone sells Southern Cross shares. Reuters. Jan.21.2007
  37. ^ Southern Cross care fiasco sheds light on secretive world of private equity. The Guardian, Simon Goodley. Jun.03.2011
  38. ^ a b Ashbourne Homes acquisition. Simmons & Simmons. Nov.10.2005
  39. ^ a b Ashbourne. Simmons & Simmons advises Ashbourne on £88 million acquisition of Ridgmont Care Homes Group. Simmons & Simmons. Apr.06.2005
  40. ^ a b Ashbourne in talks to acquire care homes rival. The Times, Richard Irving. Mar.26.2005
  41. ^ a b Ashbourne Care Homes Acquired by Southern Cross. Blackstone Group Inc, Press Release. Nov.07.2005
  42. ^ Blackstone acquires Southern Cross Healthcare. Southern Cross Healthcare, Press Release. Sept.16.2004 Original archived
  43. ^ a b RBS takes care of nursing home giant in £1bn buy-up. The Scotsman. Mar.10.2006
  44. ^ Active Care Partnerships Ltd acquires Intercare Group Care Facilities.. Southern Cross Healthcare, Press Release. May.17.2004 Original archived
  45. ^ a b c Our Company. Southern Cross Healthcare. Original archived on Mar.09.2005.
  46. ^ a b Will this man finally manage to bring his software venture to AIM’s altar? The Times, Martin Waller. Feb.09.2007 Original archived
  47. ^ Ashbourne Homes acquisition. Simmons & Simmons. Nov.10.2005 Original archived
  48. ^ Corporate group expansion. Simmons & Simmons. Jun.06.2006 Original archived
  49. ^ Acquisition Announcement. Southern Cross Healthcare. Nov.28.2005 Original archived
  50. ^ Windfall for nursing home boss. The Sunday Times. Oct.09.2005
  51. ^ Ridgmont Care. Graphite Capital. Accessed Sept.2019.
  52. ^ Electra Partners Europe to sell Ashbourne Healthcare to HBOS. Alt Assets Network. Feb.10.2005
  53. ^ ILG latest to hang out for-sale sign amid nursing home fever. The Independent. Jul.09.2006
  54. ^ Ashbourne. Simmons & Simmons. Nov.02.2004
  55. ^ Realised investments. Electra Partners. Original archived on May.23.2016.