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Monitor is taking regulatory action at Sherwood Forest Hospitals NHS Foundation Trust as it has found the Trust in significant breach of two terms of its authorisation:

• Condition 2: the general duty to exercise its functions effectively, efficiently and economically; and 
• Condition 5:  its governance duty.

Monitor's Chief Operating Officer, Stephen Hay said: "Monitor has stepped in because the Trust’s financial performance has deteriorated. It failed to deliver recurrent savings of £10m in the last financial year and made a £5.9m loss in quarter one this year. We had already increased our regulatory scrutiny because of financial and governance concerns."

During the next few weeks Monitor’s Board will consider the most appropriate form of regulatory action to take.

Notes to editors 

• For media enquiries please contact Emma Shepherd on 020 7340 2438
• A copy of Monitor's decision to find the Trust in significant breach is available here
• More information about how Monitor regulates foundation trusts is available here
• Monitor was established in January 2004. It is independent of government and accountable to Parliament. Monitor's functions and powers are set out in the National Health Service Act 2006. 
• Monitor is Twitter - follow us @MonitorUpdate