BusinessPeople In BusinessSouthern Cross FD replaced

Southern Cross FD replaced

Troubled healthcare group appoints Richard Midmer to top finance job

Care home provider Southern Cross Healthcare has announced the immediate
departure of its finance director Jason Lock, as its share price continues to
plunge following news of a profit warning.

Lock, who was appointed to the role earlier this year, will be replaced by
Richard Midmer, previously finance director at NHP.

Shares in the nursing home group dropped 58.5 per cent to 130p after it
issued a profit warning and admitted it was unable to repay a £46m loan on time.

Southern Cross said local authority budgetary constraints and lower than
expected occupancy rates had contributed to its disappointing financial
performance.

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