Portfolio management: Spire Tunbridge Wells

Spire Healthcare Group PLC

03 April 2024

 

Spire Healthcare Group plc

('Spire Healthcare', 'the Company' or 'the Group')

Portfolio management: Spire Tunbridge Wells Hospital

3 April 2024

Spire Healthcare Group plc (LSE: SPI), a leading independent healthcare group in the UK, announces the sale of one of its leasehold hospitals, Spire Tunbridge Wells, to the Maidstone and Tunbridge Wells NHS Trust ('the Trust'), a major acute hospital trust in the south-east of England. The transaction includes the sale of the business and assets of Spire Tunbridge Wells. The consideration was £9.975m. The sale was completed on 31 March 2024.

Spire Healthcare remains committed to growth and takes a consistent and proactive approach to portfolio management. Following the transaction, the Group operates 38 hospitals (19 freehold and 19 leasehold properties). This transaction reflects Spire Healthcare's continued focus on disciplined capital allocation and meeting its stated ROCE targets.

Following completion of the transaction for a period expected to be around six months, Spire Healthcare will manage the hospital operations on behalf of the Trust continuing to provide treatment to both private and NHS patients.

Spire Tunbridge Wells is rated Good by the CQC, comprising 28 beds, 10 consulting rooms, 2 operating theatres and an endoscopy suite. Approximately 130 consultants operate from the hospital. For the year ended 31 December 2023, the hospital generated revenue of £12.7m and EBITDA of £1.1m. Leasehold rent incurred during the period was £0.4m and net cash generation (excluding working capital movements) was £0.7m. Capital expenditure during the year was £0.4m.

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For further information please contact:

Spire Healthcare Angus Prentice - Director of Investor Relations	[phone]
Instinctif Partners Damian Reece   Guy Scarborough	[phone] [phone]

Registered Office and Head Office:

Spire Healthcare Group plc

3 Dorset Rise

London

EC4Y 8EN

Registered number 09084066

About Spire Healthcare

Spire Healthcare is a leading independent healthcare group in the United Kingdom, with 38 hospitals and over 50 clinics, medical centres and consulting rooms across England, Wales and Scotland. It operates a network of private GPs and provides occupational health services to over 800 corporate clients.

Working in partnership with over 8,600 experienced consultants, Spire Healthcare delivered tailored, personalised care to over one million inpatients, outpatients and daycase patients, and occupational health programme clients, in 2023, and is the leading private provider, by volume, of knee and hip operations in the United Kingdom. It also delivers a range of private and NHS mental health, musculoskeletal and dermatological services.

Spire Healthcare's well-located and scalable hospitals have delivered successful and award-winning outcomes, positioning the group well with patients, consultants, the NHS, GPs and Private Medical Insurance ('PMI') providers. 98% of Spire Healthcare's inspected locations are rated 'Good,' 'Outstanding' or the equivalent by health inspectors in England, Wales and Scotland.

Spire Healthcare is listed on the London Stock Exchange and is a member of the FTSE 250.

 

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