Connell Consulting
HealthInvestor Awards 2015 Finalists
 
 
Remember me:
Skip Navigation Links
Philip Scott checks out of Priory

Philip Scott (pictured) is to quit his role as chief executive of The Priory Group. 
 
In a statement issued on 4 July, the mental health giant said that, after five years at the helm, Scott felt "unable to commit for a further five years".
 
It characterised the decision as "completely amicable”, and said that Scott was now working with chairman Mike Jeffries to find a successor.
 
"I have greatly enjoyed my time at the Priory,” Scott said in a statement. “Having overseen the sale of the Group to Advent International in January 2011 and the subsequent purchase and integration of Craegmoor in April 2011, I feel that now is the right time to pursue opportunities elsewhere. 
 
"Until my successor has been appointed, though, it is very much business as usual and I remain committed to building on our strong financial performance to date.”
 
Advent acquired the Priory Group in January last year, in a £925 million deal. But in November, the group reduced its earnings forecast by 7%, blaming the squeeze on NHS budgets for a fall in patients. 
 
Revenues for the year to 31 December 2011 dropped slightly, to £455.4 million (2010: £456.1 million). And Scott warned that earnings this year would be disrupted by commissioning reforms in the NHS.
 
Scott joined the Priory Group in 2007, after seven years at Southern Cross.
 
It is not clear whether he will retain his equity stake in the business, or continue to rent various care properties back to the Priory Group.

Posted on: 05/07/2012

Latest news stories

02/03/2015
Investment in the core specialist property market will exceed £10 billion in 2015, according to a report by property firm Knight Frank.
27/02/2015
Care services provider CareTech has raised £21 million in a funding round through the placing of 10 million shares at 210 pence each.
27/02/2015
Japanese firm Nikon, which is most well-known for the cameras it produces, has agreed to acquire Optos for £259 million.
26/02/2015
Public Accounts Committee chair Margaret Hodge has said that initial planning for the Better Care Fund was “deeply flawed”.
26/02/2015
Primary Health Properties has been contracted to fund the development of and acquire two medical centres in Wales.


HealthInvestor Asia - financial intelligence for Asia's healthcare markets

The children’s care and education market is in need of a good news story. Acorn chief executive Natalie-Jane Macdonald tells Ploy Radford about her plans to achieve just that
Read more...
Alternative lenders are fast becoming serious rivals for bank business in the UK. Ploy Radford finds out more
Read more...
The past five years have seen monumental changes to the British healthcare system, but to what end asks Sunniva Davies-Rommetveit
Read more...

Christie + Co
HealthInvestor selects a few highlights from the Public Accounts Committee’s latest inquiry into the Circle-Hinchingbrooke franchise
The ambitious KIMS project proved its doubters wrong when it opened in April 2014. But can a new entrant survive – let alone thrive – in today’s market, asks Vernon Baxter
Third sector organisations are looking to streamline their services and divest non-core care assets, find Clare Connell and Hannah Hurley of Connell Consulting
A care cap cost of £72,000 could be introduced for young adults over 25, but can the government afford it? Sunniva Davies-Rommetveit reports
The children’s care and education market is in need of a good news story. Acorn chief executive Natalie-Jane Macdonald tells Ploy Radford about her plans to achieve just that

Click here to search all feature articles