Southern Cross, the largest care home operator in Britain, has reportedly plans to ditch as many as 180 homes to keep bankruptcy at bay.
 
The profit-driven company, which operates around 750 homes, is on the verge of collapse, and its managers and owners are encountering sever criticism as the company’s financial crisis will make more than 31,000 elderly people in Britain to leave their care homes.
 
Southern Cross CEO Jamie Buchan declined to comment on the reported plans to dump care homes, but said, “If there are landlords who after carefully considering the proposals want to take control of their properties and have them operated by someone else, and that is something that we are committed to facilitate."
 
Recent reports claim that Southern Cross’ four ex-managers pocketed 35 million pounds by selling company shares.
 
Blackstone, Southern Cross’ previous private equity owner, is also suffering the brunt of the criticism for generating money at the expense of the elderly and vulnerable. As per some estimates, Blackstone generated 1 billion pounds from buying, growing & selling the care home operator.
 
Blackstone’ chief executive Stephen Schwarzman boasts of its personal property empire worth 77 million pounds. He is known in New York for throwing ostentatious parties.