Peterborough and Stamford Hospitals (PASH) NHS Foundation Trust has hit back at comparisons made of its financial position with that of South London Healthcare NHS Trust.
PASH NHS Trust was forced to issue a statement amid speculation over its financial position following news the London NHS trust may enter administration as a result of a £69 million hole in its finances for the financial year 2011/12.
However, Nigel Hards, chairman of PASH NHS Trust said the organisation has created a five-year recovery plan to deal with a £54.3 million loss brought about by PFI repayments for its £289 million Peterborough City Hospital.
He explained: “We are a foundation trust and are regulated in a different way, by Monitor. We are dealing with our significant financial issues and have created a five-year recovery plan.
“We are in the process of getting approval for it from our commissioners and the Department of Health. Monitor will then be able to assess our progress to recovery. We have been given no indication to suggest it won’t be supported.
“Our patients and staff can be assured that although we have a significant financial challenge, the board is working closely with our regulator to bring us back to a sound financial footing.
“Although this cannot happen immediately, we believe we have a robust plan that spans the next five years.”