Shares in Spire Healthcare, the UK’s largest private hospital group, saw a nearly 20% surge on Monday following the confirmation of preliminary sale discussions with private equity firms, including Bridgepoint Advisers and Triton Investment Advisers. This sharp rise positioned Spire as one of the top gainers on the FTSE 250 index, signalling investor optimism about a potential buyout or strategic transaction.
The discussions with Bridgepoint and Triton are part of a wider strategic review initiated in September 2025. Spire’s board emphasised, however, that these talks remain at an early stage, and there is no guarantee that a firm offer will materialise or what its terms might be. Under UK takeover regulations, interested parties must either announce a firm intention to bid or decline by mid-February 2026, a deadline that is subject to regulatory extension.
The renewed interest comes amid long-standing shareholder frustration, particularly from hedge funds like Harwood Capital Management and Toscafund, who argue that the current share price does not reflect the value of Spire's underlying assets. The company's hospital portfolio is estimated to be worth more than £1.4 billion. The recent share jump, which valued the company at approximately £820 million–£850 million, still leaves the stock below previous takeover offers, such as the £2.50-a-share bid from Ramsay Health Care in 2021 that was rejected by shareholders. Analysts suggest that offers exceeding 300 pence per share would better reflect the asset value, though this is not guaranteed.
Spire operates a network of 38 hospitals and over 50 clinics across the UK, providing both private patient care and NHS-commissioned services. While about 30% of its revenue is derived from NHS work, the company has faced profit concerns due to "material uncertainty" surrounding future NHS volumes and slower commissioning activity.
The strategic review, advised by Rothschild & Co, is taking place against a backdrop of volatility in UK healthcare markets. While long NHS waiting lists have increased demand for private care (sending self-pay activity above pre-pandemic levels), uncertainty over NHS tariffs and commissioning has put pressure on profitability.
A potential sale to private equity raises questions about the future of the independent sector capacity that the NHS increasingly relies on to address long waiting lists for elective procedures and diagnostics. Critics of private equity ownership often cite concerns that a focus on short-term profit could negatively impact service quality or lead to restructuring. Conversely, supporters argue that private capital can provide the funding needed for growth and enhanced efficiency.
Should a full buyout or delisting from the London Stock Exchange occur, it would mark one of the most significant private equity deals in UK healthcare this year, potentially reshaping the private hospital landscape. Delisting, some observers note, could free Spire from short-term market pressures, allowing for a greater focus on long-term investment in areas like mental health, primary care integration, and acute services expansion.
Healthcare leaders and patients will be closely monitoring the situation as the February offer deadline approaches, paying attention to how the deal might influence access, cost, and the crucial balance between private capacity and public demand within the UK health system.
