Southern Cross Healthcare (Group plc) was a private provider of health and social care services, predominantly through the provision of care centres for elderly and some younger people. The group was the largest provider of care homes and long term care beds in the United Kingdom, operating over 750 care homes, 37,000+ beds and employing around 41,000 staff.[1] Following rapid expansion financed by the sale of leases of its homes, its shares fell 98% from early 2008 to early 2011, reducing its market value from £1.1bn to around £12m. It was listed on the London Stock Exchange and a constituent of the FTSE Fledgling Index. The company had severe financial problems in 2011 and declared insolvency the following year.[2][3]
History
The company was founded in 1996 by John Moreton, who was its chairman and chief executive until 2002.[4] By 2002 "...it had 140 homes, was the third-largest of its kind in Europe and was heading for the stock market".