CONSORT HEALTHCARE (TAMESIDE) PLC

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  Material uncertainty over going concern

  For these reasons the Directors consider that it is appropriate to prepare the accounts on a going concern basis. However, the current and forecast non-compliance of the debt covenants along with the potential for insufficient cashflows due to unknown costs arising from future surveys and investigations, indicate the existence of a material uncertainty due to insufficient cashflows that may cast significant doubt about the Company's ability to continue as a going concern, and therefore, that it may be unable to realise its assets and discharges its liabilities in the normal course of business.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Johnston Carmichael LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“For these reasons the Directors consider that it is appropriate to prepare the accounts on a going concern basis. However, the current and forecast non-compliance of the debt covenants along with the potential for insufficient cashflows due to unknown costs arising from future surveys and investigations, indicate the existence of a material uncertainty due to insufficient cashflows that may cast significant doubt about the Company's ability to continue as a going concern, and therefore, that it may be unable to realise its assets and discharges its liabilities in the normal course of business.”

Significant events

• “Following a dispute with the Trust and the outcome of an adjudication in the period, the Company has signed a settlement agreement with the Trust.”
• “After the reporting date of 30 June 2024, the Company announced that the Restructuring Plan, which was awaiting the Sanction Hearing with the Courts, would be stayed.”
• “On 31 July 2024, the Company made a further announcement that a call option agreement had been entered into between the Controlling Creditor and the Shareholder, which enabled the Controlling Creditor to purchase the entire share capital and subordinated loan stock of the Company's ultimate holding company, Consort Healthcare (Tameside) Holdings Limited, from the Shareholder for a nominal amount of £1.50.”
• “On 30 August 2024 this option was exercised, and the entire share capital and subordinated loan stock was purchased by Tameside PFI Holdings Limited, a related party of the Controlling Creditor.”
• “Following the exercise of the call option agreement, a Standstill Agreement was entered into between the Company and the Trust for a period of three months to enable discussions around a settlement to be resumed.”
• “On 25 October 2024, a Deed of Release was agreed between the Shareholder, Tameside PFI Holdings Limited, and the Company's Subordinated Loan Stockholder, Consort Healthcare (Tameside) Intermediate Limited, to release all accrued indebtedness, as detailed in Note 13, related to the subordinated loan notes.”
• “On 2 December 2024, a Deed of Settlement and Variations (Settlement Agreement) was executed between the Company and Trust, which revised certain obligations within the PFI Contract.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.