Care home chain announces massive losses

University of Portsmouth group finance and business students, from left, back row Professor Diego Vazquez-Brust and head of the accounting and financial management subject group at the University of Portsmouth Andrew Wood. 'Front row, Louisa Burton, Faculty of Business and Law dean Professor Gioia Pescetto, Francesca Sharp, Amy Davidson

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A PRIVATE care home com-pany has moved to reassure its residents after announcing a £311m half-year loss.

Southern Cross has admitted its financial situation now means it cannot meet full rent payments on its 750 homes across the country. The firm runs Cams Ridge in Fareham, Hamilton House in Drayton and Woodcot Lodge in Gosport.

It is in negotiations with its landlords to try and save cash on rental payments.

Christopher Fisher, chairman of the company, said: ‘Southern Cross is now in a critical financial position and cannot afford to meet its future rent obligations in full.

‘Southern Cross’s stakeholders all give overriding priority to maintaining the quality of care for Southern Cross’s 31,000 residents.

‘Over the coming weeks the key stakeholders will need to agree on a comprehensive package to restructure Southern Cross’s financial affairs.’