Four Seasons hopes for sale as a going concern
January 7, 2019
Four Seasons Health Care has launched a formal sales process in after creditors insisted in October that the major care home operator be placed on the market.
Four Seasons is believed to be looking to sell the group as a whole, with a deal expected to complete in the first half of this year. The company says it has sufficient operating capital to complete the sale and undertake an orderly transfer of the business.
The move is supported by the care home operator’s major creditor H/2 Capital Partners which earlier in the year provided Four Seasons with £70m to help stabilise its operations.
Independent financial advisers BDO LLP and independent legal advisers Pinsent Masons LLP have been appointed to finalise preparations for the sale.
Four Seasons chairman Martin Healy said the intended sale would be a positive step towards restructuring the group’s finances and providing the business with a sound financial structure that met its long term requirements.
“We are pleased that a constructive relationship with the group’s major creditor, H/2 Capital, has enabled us to agree a standstill and deferral agreement that provides us with the appropriate time to launch and conduct an orderly sales process,” he said.
The operator said its care services will not be impacted by the sale and that it has been in contact with relevant regulatory bodies across the UK on the move.