Care Homes : Providers / Agencies : Sector News / Closures / Scandals / Police Investigations
Posted: Mon Nov 06, 2017 12:38 pm
Money Mail ... part of the Daily Chuckle ... for this one ... as if they were mere " Under performing " assets ?
http://www.dailymail.co.uk/money/invest ... -136m.html
Parent company ... private equity outfit operating across several countries ... linked to Southern Cross a few moons ago ... 10% earmarked for charity each year ... appear to be respectable ... on the surface ...
http://www.dailymail.co.uk/money/invest ... -136m.html
Care home group Four Seasons are offering 24 homes worth £136m to a lender willing to cover debts.
Care home group Four Seasons is to go to its creditors this month in the hope of striking a deal over debts threatening its survival.
The chain looks after about 17,000 elderly and vulnerable people in about 335 care homes and 25 hospitals, but its owners have warned that they are struggling under £525million of debt and facing interest payments of more than £50million a year.
Terra Firma, the private equity group which owns Four Seasons, wants to hand lenders a 20 per cent stake in the group in the form of 24 homes worth £136million in return for debt refinancing and bypassing December’s interest payments.
The restructuring comes amid growing alarm over financing in the care home sector, with many owners complaining of underfunding from the Government.
Four Seasons chairman Robbie Barr has said: ‘A capital restructuring is needed to ensure the long-term stability of the business. The proposal will provide certainty for our residents, patients and thousands of colleagues who deliver care across the business.’
A Four Seasons Health Care home is a real home. We really care about people, looking after their health and understanding what makes them happy.
Our care homes are as individual as our residents, but the high standard of care is the same throughout. Our new Quality of Life Programme is a unique way of listening to residents every day to help us deliver the type of care experience they want.
Parent company ... private equity outfit operating across several countries ... linked to Southern Cross a few moons ago ... 10% earmarked for charity each year ... appear to be respectable ... on the surface ...