Private hospital group Netcare will not provide its UK business, BMI Healthcare, with a £20m injection and credit support, as the company has implemented a short-term arrangement with its lenders, Netcare says. BMI Healthcare, a subsidiary of General Healthcare Group (GHG), in which Netcare holds a 56.9% stake, is the UK’s biggest private hospital provider. Netcare said in November that in light of its planned acquisition of the interests of the minority shareholders in GHG and BMI’s poor financial performance it had been assisting BMI to renegotiate the terms of its banking facilities and would invest £20m into the business. BMI delivered an operating loss of £20.6m for the year to September 30, compared with a profit of £28.7m in 2016, as patient volumes dropped. Numbers fell for both those funded by the National Health Service and those paid for by private medical insurance. "At the end of December and with the support of its lenders, BMI implemented a short-term arrangement with...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now