TOP level talks are being held over the future of 14 threatened Hampshire care homes.

The fate of almost 600 elderly residents and 840 staff could be determined at crunch meetings currently being held between the health minister Andrew Lansley and Southern Cross bosses.

Fears over job cuts and homes being shut were sparked last week after cash problems emerged and share prices plummeted.

The Daily Echo revealed the devastating effects the financial problems could have across the county.

The residential facilities include Chandler’s Ford Home and Moorwood Cottage, Chandler’s Ford, Hampton Lodge, Southampton, Cams Ridge, Fareham, and Woodcot Lodge, Gosport.

These are part of a care home empire that nationwide includes 750 premises, 31,000 residents and 45,000 staff.

Union bosses urged the Government to intervene and safeguard the welfare of residents and the jobs of workers at the company which was said to be on the brink of financial ruin.

Within hours of the news being published in this newspaper Prime Minister David Cameron told MPs he would be instructing the health minister to urgently investigate the situation.

The Government has since confirmed it is in contact with the firm.

The company last week issued a profits warning and the share price had lost 97 per cent of the value it was floated for five years ago.

Reports said the firm was worth £10m compared with £420m in 2006 with losses having doubled to £47.4m in the year to September 2010.

Leaders at the GMT union have blamed “sky high” rents by landlords and devastating cuts for the firm’s problems.

Paul Maloney, GMT Senior Organiser said: “The 14 Hampshire care homes, run by Southern Cross, are not factories that are failing from lack of demand but are an essential part of every community which now face ruin due to the combination of privatisation and private equity.

“Staff turnover in the care homes is very high because of the low pay to the workers the majority of which have had their pay frozen. This lack of continuity of care staff has an adverse effect on the care the elderly receive. They now face the prospect of losing their homes.”

Mark Cash, Southern Cross Healthcare regional boss, previously said: “We are taking decisive action to ensure our business remains sustainable.

“We are also urging Government, landlords and commissioners to work co-operatively in supporting us.”

He denied claims by unions bosses who said residents could face being homeless.