Business Irish

Friday 22 August 2014

Businessman Denis O'Brien takes control of Beacon Hospital

Tom Molloy

Published 07/04/2014 | 18:26

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Draghi Speaks At The World Economic Forum...Denis O'Brien, Irish billionaire and chairman of Digicel Group Ltd., right, speaks during a meeting at the Hotel Seehoff on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Friday, Jan. 25, 2013. World leaders, influential executives, bankers and policy makers attend the 43rd annual meeting of the World Economic Forum in Davos, the five day event runs from Jan. 23-27. Photographer: Jason Alden/Bloomberg *** Local Caption ***Denis O'Brien...I
Denis O'Brien

Businessman Denis O' Brien is taking over the 214-bed Beacon Private Hospital in Sandyford in Dublin from next Monday.

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The move comes as US-based hospital operator UPMC Ireland said it is selling the clinic and relinquishing all management responsibilities at the private hospital in south Dublin.

Ulster Bank has sold loans linked to the Beacon to Mr O’Brien, UPMC said. Mr O’Brien will now use the deal to take control of the hospital.

“The new debt owner will not restructure the debt and clearly indicated his intent to own, control and manage Beacon Hospital,” UPMC said. “Without a restructuring, UPMC Ireland must agree to the demands and sent notice to representatives of the debt owner that it will agree to sell its ownership for a nominal value and relinquish management responsibilities for the hospital in addition to ceasing all affiliation whatsoever with the facility.”

The Beacon has around 600 staff and 200 doctors although many of them also work in other hospitals. It lost €9.8m in 2012 and €9.6m in 2011. It had a turnover of €70m in 2012 and €65m in 2011.

Pittsburgh-based UPMC took control of the Beacon Hospital in 2008. UPMC also owns a cancer centre in Waterford together with the Whitfield Clinic. That link will remain.

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