KPMG among beneficiaries of struggling Southern Cross

THE EXTENT TO which KMPG and other advisors are raking in revenues from stricken healthcare provider Southern Cross has been revealed.

The care home provider has paid about £2m a month to KPMG, banks and law firm Clifford Chance, the Evening Standard reports. KPMG and Clifford Chance are reported to have taken the largest slice of the funds for their restructuring advice.

Southern Cross has been in crisis talks to reduce its debt and property assets. It revealed restructuring plans that include surrendering 132 homes out of its portfolio of 752.

More than 3,000 staff were let go yesterday and the business is in discussions to reduce its rent bill by about 30%.

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