Assura sells medical services division

5 March 2010

Warrington healthcare provider and property company Assura Group has sold a 75.1 per cent stake in its medical services business to Virgin Healthcare. Assura will retain a 24.9 per cent share in Assura Medical and receive a £4m loan note which it must reinvest in the business. Its chief executive Richard Burrell will also join the board of Virgin Healthcare. In November, the business announced plans to separate its joint-venture GP business from its property and pharmacy operations in order to accelerate the prospect of a return to dividend payments. In the six months to 30 September 2009, Assura Medical posted a pre-tax loss of £4.4m on a turnover of £100,000. The net assets of Assura Medical upon completion of the sale to Virgin will be approximately £13m. A total of 75 staff will transfer to Virgin.

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This article appears in Insider Media Limited.