Spire Healthcare's chief executive, Justin Ash, and chairman, Sir Ian Cheshire, have stepped away from the London-listed private hospital group. Their departures follow a £1.03bn takeover by a consortium of investors.
The acquisition was agreed by Spire's board with Tulip UK Bidco, a new company formed by British investment firm Toscafund, UK private equity firm THCP Advisory, and California-based investment manager Ares. The deal values the takeover at 250p per share, representing a 66% premium to Spire's share price at the beginning of May, when Toscafund first approached the company.
Sir David Sloman, who has led several NHS trusts, will serve as interim chief executive. Debbie White, former Co-op chair, will become interim chair. White stated that under Ash's leadership, Spire Healthcare evolved from a hospital-only business into a leading integrated healthcare company.
The consortium stated that the value of Spire's freehold property assets was not reflected in its share price. Spire's board agreed to the takeover due to concerns about potential share price volatility and the belief that the share price did not fairly represent the company's growth prospects.
Spire operates 38 private hospitals and 55 clinics across the UK, providing care to over 1.36 million patients in 2025. The sale followed a strategic review that involved discussions with more than 60 potential buyers, with the consortium being the only party to submit a formal proposal considered attractive by the Spire Board.