Spire Healthcare (SPI) tumbled 20% to 154p after buyout firms Bridgepoint (BPT) and Triton Partners terminated bid talks with the private hospitals operator.
Investors hoping for a £1 billion-plus takeover of the FTSE 250 firm had chased the shares higher last week.
In a statement posted on 20 March, Spire said the board ‘remains in discussions with other parties in relation to a potential sale of the company’.
However, Spire warned there can be ‘no certainty that any offer will be made for the company nor as to the terms of any offer, if made. The board and management are also continuing to actively evaluate other appropriate actions to drive long-term, sustainable shareholder value.’
Suitors slink away
Triton and Bridgepoint were first identified as possible suitors in January, with several other parties said to have expressed interest. Advent International and Bain Capital were two private equity heavyweights rumoured to be in the frame.
Bridgepoint’s interest was particularly interesting. It owned Oasis Dental Care during a period the dentistry chain was run by Spire’s current CEO Justin Ash. He was CEO of Oasis between 2008 and 2017 before leading its sale to Bupa.
Undervalued asset
Spire is the UK’s largest provider of hip and knee operations. Back in September 2025, the company announced it was undertaking a strategic review.
At the time, Spire’s board argued the firm’s share price failed to value the business fairly. Specifically, it pointed to the company’s strategic progress, freehold property and ‘well-invested asset base’.
Therefore, it said it would ‘actively evaluate appropriate action which could drive long-term value’. That included discussions with various parties over a potential sale of the business.
Spire operates 38 private hospitals and over 50 clinics, medical centres and consulting rooms across England, Wales and Scotland. Chaired by former Kingfisher (KGF) CEO Sir Ian Cheshire, the company also operates a network of private GPs and provides occupational health services to over 800 corporate clients.
Spire Healthcare’s shares are flashing red over one and five year timeframes. They trade significantly below the 250p-a-share bid from Ramsay Healthcare that shareholders rejected back in 2021.
Read the press release here: https://investors.spirehealthcare.com/news/regulatory-news/
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