Spire Healthcare’s board would recommend a proposed £1bn takeover if the private hospital operator’s second largest shareholder makes a firm offer.
If Toscafund Asset Management, which owns 18% of the business, decides to proceed they will be buying a business which is meeting expectations.
For the four months to the end of April, trading was in line with expectations as the provider said “private patient revenue has continued to grow strongly, particularly self-pay”.
Revenue from the NHS was also as expected. Going forward, the company said it had “good visibility of volumes”, with more than 85% of commissioning agreed.
Spire’s target to cut £30m of costs in 2026 “continues to progress well with the majority of initiatives underpinned”, it added.
Strategic review
Spire confirmed at the start of the year that the board was talking with Bridgepoint Advisers and Triton Investment Advisers concerning a possible takeover.
This followed the results of a strategic review of the business in September.
While in March, discussions with both parties ended, it revealed talks with Toscafund were ongoing.