Sale-and-lease-back deals haunt Southern Cross as company faces £5bn rent bill - Telegraph
The figure, revealed in the company's accounts, highlights the rental burden Southern Cross is under.
Britain's largest care home group, with 31,000 residents, says it can no longer afford the rents because of slower-than-expected rises in fees from local authorities.
Chief executive Jamie Buchan says Southern Cross will not pay 30pc of its rent during the summer and is trying to strike a deal with landlords to rescue it.
Southern Cross faces a pivotal week in its battle for survival. Tomorrow, property owners will discuss plans for landlords to take back some homes and install new owners. The proposals involve Four Seasons, Bondcare and NHP taking back more than half of the company's 750 homes – with Four Seasons and Bondcare operating theirs – although talks are ongoing about the remainder.
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