Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Denis O'Brien PA Archive/Press Association Images
Sold

Denis O'Brien to take over Beacon Hospital in Sandyford

UPMC Ireland said that a ‘generous offer’ was made by the businessman.

THE BUSINESSMAN DENIS O’Brien is to take over the Beacon Private Hospital in Sandyford, Dublin.

In a statement from UPMC Ireland today they said that it was “with regret” that they will be divesting its ownership and relinquishing all management responsibilities at Beacon Hospital, adding that a “ generous offer was made”.

“Ultimately Ulster Bank/RBS elected to sell the Beacon Hospital debt to Irish businessman Denis O’Brien,” said the group.

Bank debt 

The statement added that over the past 15 months, Beacon Hospital has been in discussions with Ulster Bank and RBS to restructure the outstanding bank debt resulting from the development of the hospital in 2006.

“The new debt owner will not restructure the debt and clearly indicated his intent to own, control and manage Beacon Hospital. Without a restructuring, UPMC Ireland must agree to the demands and sent notice to representatives of the debt owner that it will agree to sell its ownership for a nominal value and relinquish management responsibilities for the hospital in addition to ceasing all affiliation whatsoever with the facility,” said UPMC Ireland.

The notice of transfer date is 14 April 2014.

UPMC became associated with Beacon Hospital in 2008.

UPMC Ireland’s cancer center in Waterford, a joint venture with the Whitfield Clinic, is unaffected by the changes in ownership at Beacon Hospital.

The group concluded by stating that they remain committed to its mission to provide world-class high quality healthcare in Ireland and will seek partners that share this vision.

Read:  Now Microsoft and Yahoo are now creating their original TV shows>

Read:  So just what was the effective rate of tax for corporations in the last decade?>

Your Voice
Readers Comments
47
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.