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".
The company, which was based at the Inverness Campus, was involved in developing improved testing and treatment for urinary tract infections (UTIs). The company has developed ground-breaking technology with the potential to help people all around the...
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Established in 2018, this business has developed an excellent reputation within the territory for delivering a high standard of care. Receiving a GOOD rating by the Care Quality Commission (CQC) for all inspections. Turnover has increased year on yea...
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This is an opportunity to acquire a portfolio of elderly care homes conveniently clustered in the East Midlands. The management run businesses are highly profitable and well presented. Retirement sale.
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