The hospital, which treats more than 12,000 NHS patients a year, has been forced to put itself up for sale as the local health authority has cut the amount of money available to pay for its services
BDO Stoy Hayward has been appointed as provisional liquidator by the High Court for the hospital, which employs 422 staff. It will look to sell the hospital as a going concern if possible.
Shay Bannon of BDO Stoy Hayward, said that if it was not possible to sell as a going concern then it would consider selling the site for development.
‘Allied Irish Bank has provided us with funds to continue running King Edward VII while we explore a variety of resuce plans. Without this lifeline, immediate closure of the hospital could have been a distinct possibility,’ said Bannon.
The hospital, which has the Queen as president, has been in operation for over a hundred years. It has the only radiotherapy unit in West Sussex and is in the process of building a new cancer unit.
However the hospital is currently running at an annual deficit of £2m and the number of operations a year it carries out has halved over the last year.
Three new partners and seven business restructuring advisers have been appointed to the new Preston office
Political and economic uncertainty behind the fall in confidence
Just Racing Services, operating company of the Manor Racing Formula One team has entered administration
Last year 16 oil and gas companies became insolvent, finds Top Ten firm Moore Stephens