Monday, 11 July 2011

Southern Cross - Sell & lease back your assets - go bust!

The Southern Cross care home business has gone bust. In the opposite way to the London Fire Brigade who sold all their fire engines to a leasing company which has now gone bust, Southern Cross sold off all their care homes to a large number of landlords and then rented them back. Only thing was, they promised to increase the rent year-on-year and so now Southern Cross has gone bust! Shows what happens when you try to make a quick buck through dubious accountancy.

Only thing is that my mother who has Alzheimer's, is in one of their care homes. Even with the assurances that everybody if giving, I'm still worried.

This links to the story.

1 comment:

  1. Sorry your Mum is in that position.


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