Spire Healthcare's chief executive and chair are stepping down as the London-listed private hospital group is taken private in a £1bn deal.

Long-serving chief executive Justin Ash said he will retire from the group as it "enters a new phase with strong foundations" under its new owners, a consortium of investors.

Spire's board has agreed to a takeover by Tulip UK Bidco, a newly formed company comprising British investment firm Toscafund, UK private equity firm THCP Advisory, and California-based investment manager Ares. The 250p-per-share offer values the deal at £1.03bn, a 66 per cent premium to Spire's share price at the beginning of May, when Toscafund made its first approach.

Alongside Ash's exit, chairman Sir Ian Cheshire will also step away. Sir David Sloman, who has led a number of NHS trusts, will take over as interim chief executive, while former Co-op chair Debbie White will serve as interim chair.

"Under [Ash's] leadership, Spire Healthcare has evolved from a hospital-only business into a leading integrated healthcare company," White said.

White resigned as Co-op chair with immediate effect last month, after a tenure marked by a major cyberattack and disputed claims of a "toxic" work culture.

Share price volatility

Announcing the takeover, the consortium said the value of Spire's freehold property assets is not reflected in its share price.

"The Bidco board believes that taking the Spire Group private pursuant to the acquisition would provide strategic and financial flexibility to unlock long-term stakeholder value," it said.

Spire shares closed at 242p on Friday, up 15 per cent from their July 2014 IPO price. The stock more than doubled when Toscafund's takeover interest was first disclosed in May.

Spire's board said it agreed to the deal out of concern that the share price could face a period of "volatility" and did not fairly represent the company's growth prospects.

"While the Spire directors remain confident in the long-term prospects of the business, the Spire directors also note the ongoing challenges of delivering the company's standalone plan against a backdrop of macroeconomic volatility, cost pressures," the board said.

"The Spire directors consider that the prospect of a sustained and material re-rating of Spire shares in the near term is limited and, should the acquisition not proceed, that there could be a period of share price volatility."

Takeover flurry gains pace

Spire operates 38 private hospitals and 55 clinics across the UK and treated more than 1.36 million patients in 2025. The group, like other UK private providers, also treats NHS-funded patients, and its scale makes it one of the largest independent hospital operators in the country.

The sale to Toscafund's consortium followed a strategic review, led by advisory firm Rothschild, during which the group held talks with more than 60 potential buyers. The consortium "was the only party to submit a formal proposal at a level that the Spire Board considered sufficiently attractive," the board said.

The London Stock Exchange has seen a string of private takeovers in recent months, placing significant pressure on the strength of the UK's public markets. Earlier this week, three FTSE members — Bodycote, Gamma Communications and Capricorn — disclosed on the same day that they were considering private takeover offers totalling more than £3bn.