6 days ago
Priory Group heavily indebted despite improved trading
The Priory Group, the private equity-owned care business, remains heavily indebted despite an improvement in its trading, its latest accounts show.
The business, which makes the majority of is revenue from the public sector, saw its debts and lease liabilities remain at about £1.2 billion while its sales and profit improved.
The Priory Group is a provider of mental healthcare and adult social care. A healthcare division focuses on people with various mental health conditions and addiction problems, while its adult care arm provides residential and supported-living services for people with issues including learning disabilities and autism. It also supports older people who require nursing and dementia care.
A substantial proportion of its revenue comes from public bodies such as local authorities and NHS providers. It says it offers 'additional bed capacity for the NHS and is therefore seen as an integral part of the mental healthcare system in the UK'.
