Financial restructuring in focus for Southern Cross

SOUTHERN CROSS has set its sights on the future with the appointment of a new director of financial restructuring.

Chartered accountant and barrister Tim Bolot is to join the care provider, fresh from working on the restructuring of the NHS.

The company recently revealed government spending cuts hit hard, and chairman Ray Miles said Bolot is “key” to the group’s reshuffle process and attracting new investment.

KPMG is helping the firm with operational and financial restructuring, and will advise on upcoming talks with lenders and landlords.

Southern Cross chief executive Jamie Buchan pointed to the firm’s “future vision of success”, saying Bolot and other new appointments to the management team “will play a central role”.

Andrew Sellers has joined as group financial controller, having qualified with Ernst & Young before holding a number of board-level positions in organisations in the North East.

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