Southern Cross became a FTSE 250 company on the back of the profits it made from looking after the elderly. Earlier this year it realised that it could no longer afford the rent on the care homes it once owned, but had sold off and leased back.

Unlike most business models that don’t pan out, this failure put the future care of 31,000 old people at risk. Many of them will have understandably been frightened when the news emerged. Continue reading →