Spire Healthcare Group has sold its leasehold hospital Spire Tunbridge Wells to the Maidstone and Tunbridge Wells NHS Trust for £9.975m.
The transaction which includes the sale of the business and assets of Spire Tunbridge Wells, was completed on 31 March 2024.
Following the deal, the group now operates 38 hospitals comprised of 19 freehold and 19 leasehold properties.
Spire added the transaction reflected its “continued focus on disciplined capital allocation and meeting its stated ROCE targets”.
After completing the deal, Spire expects to manage the hospital operations for the trust for approximately six months. Spire will continue to provide treatment to both private and NHS patients during this time.
At its last inspection in 2016 Spire Tunbridge Wells was rated good by the Care Quality Commission. It has 28 beds, 10 consulting rooms, two 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 earnings before interest, taxes, depreciation and amortisation (EBITDA) of £1.1m.
Leasehold rent incurred during the period was £400,000 and net cash generation excluding working capital movements was £700,000. Capital expenditure during the year was £400,000, Spire added.