The health sector regulator found that the trust’s Board of Directors could have done more to prevent the financial problems from arising.
The trust has agreed legally binging undertakings to appoint an independent turnaround director, develop and implement a credible plan to improve its finances, and commission a review of how well the board leads the organisation.
Paul Chandler, Regional Director at Monitor, said:
The trust’s financial position is very serious and projections show it could get worse over the coming months. We have acted on behalf of patients and the trust will now take steps to balance its books and to improve how the board provides leadership.
We expect the trust to make improvements quickly for its patients and we will be keeping a close eye on its performance to make sure these problems don’t happen again.
The regulator will continue to scrutinise the trust’s performance as it takes the steps needed and will take further action if required.