Commenting on the announcement that the South London Healthcare NHS Trust may be put into special administration, Richard Fleming, UK Head of Restructuring at KPMG, said:
“In the private sector, an administration is an important mechanism for making tough decisions to address a severely financially distressed company’s problems. We expect this to be true of health special administrations as well, where the regime seeks to safeguard patient care as a priority but also allows the special administrator to address the most difficult financial challenges.
“The success of NHS turnaround is mixed, not helped with proposals to reconfigure services sometimes taking years of consultation. In the banking sector, the special resolution regime has worked to minimise disruption to customers, whilst enabling a restructuring and return to stability; as in the case of Dunfermline Building Society. Rather than have their plans left in limbo, the ability to accelerate consultation on service change should help trusts in financial distress to make their service delivery and patient care more sustainable, more quickly.”
Notes to Editors
For media enquiries please contact:
Sorrelle Cooper - Senior PR Manager, Advisory
Tel: +44 (0)20 7694 8527
Mob: +44 (0)7932 078218
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.