Aspen Healthcare was established in March 1998 following a management buyout of Paracelsus UK from Paracelsus Kliniken Deutschland GmbH (an independent healthcare provider founded in 1987). At the time of the buyout, the company consisted of two acute care community hospitals: Parkside Hospital in Wimbledon, SW London and Holly House Hospital (now known at The Holly Private Hospital) in Buckhurst Hill, Essex