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."
Provides a comprehensive traffic management service covering project management, surveys, planning, design, local authority liaison and the installation/removal of temporary traffic management systems. Carries out work in all areas, including multi-p...
LEASEHOLD
The owner has been trading since 2007 and based in leigh lancashire specialising in design, supply, and fitting of UPVC doors and windows for conservatories, orangeries, porches, canopies, fascias and soffits and supalite tiled roof systems. This wel...
RELOCATABLE
Specialises in the provision of 24-hour roadside recovery and assistance solutions for all types of vehicle. The company holds PAS 43 certification, enabling it to provide services for police, ambulance and council vehicles, and works with all major...
RELOCATABLE
|
16
|
|
May
|
Manx Financial Group to acquire Payment Assist in potential £9m deal | BUSINESS SALE
Manx Financial Group Plc has announced the acquisition of Pa...
|
13
|
|
May
|
Assets set to be sold as modular housing joint venture enters administration | ADMINISTRATION
The US House Group modular housing joint venture has fallen ...
|
12
|
|
May
|
Bathroom panel firm acquired for up to 9.1x EBITDA | BUSINESS SALE
Bathroom and kitchen products firm Norcros has agreed a deal...
Sign up to receive our acquisition alert emails to get your FREE guide
|
15
|
|
Dec
|
Four Seasons Health Care - last-minute deal staves off administration | ADMINISTRATION
Four Seasons Health Care, the second largest care home opera...
|
06
|
|
May
|
Four Seasons care homes in likely creditor takeover | BUSINESS NEWS
The credit ratings agency Moody’s has issued a stark w...
|
24
|
|
Nov
|
Four Seasons Health Care faces being sold | BUSINESS SALE
Blackstones is to offer advice on financial and strategic op...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources