In 2007 and 2008 the Blackstone management team left and were succeeded by a new team led by William Colvin. However cracks soon began to appear and in early 2011 the company was in crisis as a direct result of an 8% reduction in occupancy. This equated to a decline in income of circa £52m. Given its upwards only rent bill (over £240m on its 750 properties) margins declined significantly creating pressure to pay landlords. With public spending cuts leading to fewer referrals (and a drop in occupancy rates from 92% to 84%), it was forced into negotiations with its landlords for rent reductions and appealed to the government for support. In early June 2011 it was announced that the company had made its own decision to withhold 30% of rent owed to avoid mass care home closure. Experts warned of a possible collapse into administration. Its shares had already fallen 98% from early 2008 to early 2011, reducing its market value from £1.1bn to around £12m.