Spire Healthcare has undergone a significant boardroom overhaul following the completion of a £1.03bn takeover that will see the group delisted from the London Stock Exchange.
Chief executive Justin Ash has announced his retirement as the private hospital operator transitions into what he described as a “new phase with strong foundations” under fresh ownership.
Chairman Sir Ian Cheshire is also stepping away, triggering a leadership transition at one of the UK’s largest independent hospital groups.
Sir David Sloman, who has previously led a number of NHS trusts, will take on the role of interim chief executive during the ownership transition.
Debbie White, the former chair of Co-op, will serve as interim chair, bringing considerable boardroom experience to the newly privatised business.
White said: “Under [Ash’s] leadership, Spire Healthcare has evolved from a hospital-only business into a leading integrated healthcare company.”
White herself stepped down from Co-op with immediate effect last month, following a tenure marked by a significant cyberattack and disputed claims of a “toxic” work culture.
The takeover is being led by Tulip UK Bidco, a newly formed consortium comprising British investment firm Toscafund, UK private equity firm THCP Advisory, and California-based investment manager Ares.
The deal was struck at 250p per share, representing a 66 per cent premium to Spire’s share price at the start of May, when Toscafund made its initial approach to the company.
Shares in Spire closed at 242p on Friday, up 15 per cent from its IPO price in July 2014, with the stock having more than doubled when Toscafund’s interest was first publicly disclosed.
The consortium argued that the value of Spire’s freehold property assets was not being reflected in its publicly traded share price, justifying the move to take the group private.
“The Bidco board believes that taking the Spire Group private pursuant to the acquisition would provide strategic and financial flexibility to unlock long-term stakeholder value,” the consortium said.
Spire’s board acknowledged concerns that its shares could face a difficult period ahead, citing macroeconomic pressures and limited prospects for a near-term re-rating of the stock.
The board stated: “The Spire directors consider that the prospect of a sustained and material re-rating of Spire shares in the near term is limited and, should the acquisition not proceed, that there could be a period of share price volatility.”
The board also cited “ongoing challenges of delivering the company’s standalone plan against a backdrop of macroeconomic volatility, cost pressures” as factors influencing their decision to accept the offer.
Spire operates 38 private hospitals and 55 clinics across the UK and delivered care to more than 1.36 million patients in 2025, underlining its scale within the private healthcare sector.
The sale followed a strategic review led by advisory firm Rothschild, which saw the group hold discussions with more than 60 potential buyers before settling on the Toscafund-led consortium.
The consortium “was the only party to submit a formal proposal at a level that the Spire Board considered sufficiently attractive,” according to the company’s announcement.
The deal adds to a growing wave of privatisations sweeping the London Stock Exchange, placing further pressure on the health of the UK’s public markets.
Earlier this week, three FTSE members, Bodycote, Gamma Communications, and Capricorn, each revealed on the same day they were considering private takeover offers totalling more than £3bn.