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    Southern Cross FD replaced

    Southern Cross FD replaced

    Troubled healthcare group appoints Richard Midmer to top finance job

    Author Date published July 1, 2008 Categories

    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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