KPMG among beneficiaries of struggling Southern Cross

KPMG among beneficiaries of struggling Southern Cross

NHS Trust Southern Cross paid £2m a month to KPMG, Clifford Chance and bankers

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%.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource