Southern Cross has announced today that it will cease trading and will hand over control of all its carehomes to its landlords. Southern Cross said that, to ensure continuity of care to residents, all payments to trade creditors are to be maintained and all home-based staff transferred on their current terms. Many of Southern Cross's landlords are care home providers themselves. Shareholders will recieve nothing but jobs and homes have been protected.
This is the final chapter in the Southern Cross saga. It seems strange only a few years ago the shares in this company rode high and everyone thought you cannot lose money if you invest in care for the elderly as it was a ...growth sector, ageing population, secure income, etc etc etc!