Nuns received less than £3 million in hospital deal

Pictured is St Joseph's Hospital on Harding Avenue, Newport. (7644990)

Pictured is St Joseph's Hospital on Harding Avenue, Newport. (7644990)

First published in News

THE Newport nuns who sold their private hospital to an independent provider said the total money they received from the sale is less than £3 million.

St Joseph’s Hospital was acquired by a group of hospital consultants and investors, St Joseph’s Hospital Limited, in a £10 million deal on July 11.

The Sisters of St Joseph, who have run the hospital on Harding Avenue, Malpas, since 1946, received £2.785 million from the deal which sold the hospital, car park and gardens.

The sale comes just over a year after control of St Anne’s Hospice, which was also run by the sisters, was handed over to St David’s Hospice Care because of financial difficulties

The hospital, which employs 150 people including bank staff, provides a range of services and treatments, including health screening and pathology.

The deal was assisted by HSBC’s Cardiff and South East Wales commercial team who provided a £6.2 million finance package to support the acquisition and costs relating to the upgrading of the hospital.

Sister Margaret, chair of the Sisters of St Joseph, said after loan repayments to solicitors, valuers, estate agents and the bank, the amount the Sisters will receive will be less than £2 million.

She said: “The sale was a very difficult decision for us to take. We are an ageing community and we don’t have the time and the experts to sustain the high quality of care.

“We will now use the £2 million to focus on our other charitable projects both here and abroad as we also have sisters in India and Africa.

“We will also continue to do a lot of work with the care of the elderly at Llantarnam Abbey, which is very expensive.”

Brian Staples, chairman of St Joseph’s Hospital Limited, said: “We are delighted to have completed the purchase of St Joseph’s Hospital from the Sisters of St Joseph who developed the hospital and ran it successfully for many, many years establishing a track record of clinical excellence delivered in a totally caring and friendly atmosphere. We fully intend to maintain and build upon the Sisters’ legacy.”

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4:41pm Wed 30 Jul 14

Katie Re-Registered says...

Their reward is in heaven.
Their reward is in heaven. Katie Re-Registered
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