Wed, 01 May 2019 | ADMINISTRATION
One of the UK's leading care home groups, Four Seasons Heath Care, has announced that it is looking for a buyer after entering administration.
Two of the group's holding companies have now made the decision to appoint administrators after accepting that they were unable to repay debts of more than £525 million.
The Four Seasons provides housing for more than 22,000 elderly people across 322 homes, including Holbeche House Care Home, Ashbourne Care Home, Fernwood Court Care Home and Tudor House Care Home.
However, the group insists that the residents and their families will not be affected by the decision as the operating companies under which the care homes sit are not themselves in administration.
Dr Claire Royston, group medical director of Four Seasons said: "Today's news does not change the way we operate or how our homes are run or prompt any change for residents, families, employees and indeed suppliers. Our priority remains to deliver consistently good care."
The move comes after the US hedge fund H2 Capital Partners ordered the sale of the firm, which was struggling to repay the debts it owed the fund. Four Seasons was insistent until very recently that it had "sufficient operating liquidity" to be able to complete this sales process, but it will now be up to A&M to sell the group out of administration instead.
Following the announcement, Richard Fleming of A&M stated that they are now actively looking for a buyer. He said: "We are committed to ensuring the group delivers continuity of care as we work to undertake the independent sales process."
"The group has continued to improve its quality ratings across their portfolio of homes and hospitals," he added. "The group's operations are fundamentally strong and a successful sales process will enhance those operations' ability to thrive."
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