The proposed €250m co-located hospital at Cork University Hospital

It was reported that according to the accounts, which are currently being examined by UPMC, the group recorded a net loss of €8.8m during the year to the end of August 2007, and further unspecified losses have been incurred since then. Reports added that auditors KPMG also warned that "material uncertainties" existed "which may cast significant doubt about the company's ability to continue as a going concern". Beacon's commercial director, Pauline Cullen, was quoted as saying that the hospital's performance has turned around considerably since the period covered in the accounts, adding that the group is on solid footing with lenders AIB and Ulster Bank. UPMC is a €5bn non-profit organisation already involved in 20 hospitals. The investment by UPMC would see it taking a 60pc stake in the group’s existing hospital at Sandyford in Dublin with the option of 40pc shares in the three proposed co-located hospitals. She told irishconstruction.com: “We are fully committed [to the plans] and yes, we are going ahead.” Last month, the group received planning permission to construct a €250m co-located hospital at Cork University Hospital. The group has now secured planning permission for three co-located hospitals, with the other two located at Mid-West Regional Hospital and Beaumont Hospital. The three facilities are expected to create over 1,820 construction jobs.

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