Wed, 06 Dec 2017 | ADMINISTRATION
The care home chain Four Seasons Health Care, which houses around 17,000 vulnerable residents, teeters on the brink as backers say it could collapse into administration within the next week unless a £26m payment is made.
The owner of the company and its partners are yet to agree on a rescue deal as the deadline for their next interest payment looms.
The crisis comes amid concern over lack of funding across the care home sector as well as spiralling staff costs, and some are worried that the situation could see a repeat of the collapse of Southern Cross in 2011 which put 31,000 people at risk. 100 of their homes were subsequently taken over by Four Seasons.
As well as its residents across 360 homes, Four Seasons has 25,000 employees and hundreds of agency staff.
Former pensions minister Baroness Ros Altmann said: 'It's a deeply, deeply troubling time for everyone who is living in a Four Seasons home. It is really quite shocking that thousands of people's lives and well being are in the balance.'
City power broker Guy Hands, the head of equity firm Terra Firma, bought Four Seasons care home chain in April 2012 for up to £825m.
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