Fri, 15 Dec 2017 | ADMINISTRATION
Four Seasons Health Care, the second largest care home operator in the UK, has struck a last-ditch deal with its major creditor in an attempt to avoid administration.
The company, which is struggling under £525 million of debt and faced a critical interest payment on Friday, was able to draw up a 'standstill' agreement with H/2 Capital Partner at the last minute.
A statement given yesterday confirmed they had reached a deal: "This standstill ensures continuity of care for Four Seasons' residents and enhances operational stability for employees and all stakeholders."
"The primary objective of a restructuring plan is to create a sustainable, long-term capital structure that best-serves residents, patients and employees."
The move will give the group more time to agree to a long-term restructuring, with H/2 set to take full control of the care homes operator – details of which still need to be agreed upon.
Until it is signed off, the future of 17,000 elderly residents across 343 homes is still in doubt.
Four Seasons chairman Robbie Barr said: "The board and I look forward to working closely with H/2 and their advisers on delivering a restructuring that will provide the right capital structure for the company's long-term needs."
The CEO of H/2, Spencer Haber, also said the agreement was a promising "first step" towards a successful restructuring, and described Four Seasons as a "vitally important care provider".
Five minutes drive from town centre. Free on street parking. Fully computerised practice. Huge potential for growth for an incoming buyer. Long and well established business. Offers invited.
LEASEHOLD
There is scope to increase the turnover by the introduction of a capitation scheme and offering more private/cosmetic work. It is located in an affluent area with good schools, bus and train links and parking available. The practice is modern and wel...
LEASEHOLD
Presenting this three surgery mainly NHS practice in a busy, pleasant Merseyside location. The are three well equipped dental surgeries in use within the practice and space within the premises to add a fourth. Offers invited.
LEASEHOLD
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