Pennine Acute Hospitals trust is set to sell off its headquarters in a bid to slash a £21m debt.

The trust has brought in a financial recovery programme which will also see the loss of over 300 posts and 250 beds. Managers are hoping to raise 'significant capital' from the sale of the Oldham site and have said staff will be transferred to the trust's four other hospitals.

Pennine Acute Hospitals trust is set to sell off its headquarters in a bid to slash a£21m debt.

The trust has brought in a financial recovery programme which will also see the loss of over 300 posts and 250 beds. Managers are hoping to raise 'significant capital' from the sale of the Oldham site and have said staff will be transferred to the trust's four other hospitals.

Acting chief executive Bob Chadwick said: 'We promised to leave no stone unturned to minimise the impact of our plan on posts, and that is what we have done.'

He said the cost of the headquarters could no longer be justified. 'This is a difficult decision, but the money raised will give us capital to invest in our hospitals' he added.

In April, HSJrevealed that the trust's then chief executive, Chris Appleby, received£475,000 to retire early after a vote of no confidence from the trust's doctors last summer.

An independent inquiry into the trust by national emergency access director Professor Sir George Alberti found a 'lethal mixture' of suspect leadership styles and poor relations between doctors and managers.