42IE Consort Tam.41

TIDM42IE

RNS Number : 5326S

Consort Healthcare (Tameside) PLC

14 July 2022

Delay in publication of Annual Report and Accounts

Consort Healthcare (Tameside) PLC

13 July 2022

Consort Healthcare (Tameside) PLC

("Consort Healthcare (Tameside)" or the "Company")

Delay in publication of Annual Report and Accounts

London, 13 July 2022 - Consort Healthcare (Tameside), a project company for the Private Finance Initiative (PFI) concession contract to design, construct, finance, maintain and manage the lifecycle costs of new hospital facilities in Tameside for the Tameside & Glossop Integrated Care NHS Foundation Trust (the "Trust"), notifies about a delay in publication of its Annual Report and Accounts for the year ended 31 December 2021 ("FY21 Results").

The delay reflects the additional time which has been required by the Company to consider and prepare its going concern disclosures. The Company is in dispute with the Trust regarding alleged defects in the Tameside hospital. As a result of deductions levied and potentially to be levied by the Trust on the basis of such alleged defects, such deductions being made from the unitary charge payable to the Company on a monthly basis, there was some uncertainty as to the Company's going concern position and related disclosures required in the FY21 Results. However, the Company and the Trust entered into two standstill agreements on 27 May 2022 and 1 July 2022 (respectively) which secure payment of the unitary charge until November or December 2022, while the Company and the Trust seek to resolve the dispute by adjudication. Accordingly, the Company now expects to issue its accounts on a going concern basis, whilst recognising the material uncertainty disclosed in the financial statements resulting from a potential breach of the cover ratio, which the Company anticipates may occur in September 2022 or March 2023. Given the timing of the entry into the standstill agreements, work is ongoing for the Company and its auditors to finalise and file the FY21 Results.

Further announcements will be made as and when appropriate.

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Enquiries

Consort Healthcare (Tameside) PLC

   Steven Leeming              steven.leeming@albany-im.com 

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END

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July 14, 2022 09:41 ET (13:41 GMT)

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