Four Seasons: Care home operator goes into administration, raising fears for elderly residents

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Care houses operator 4 Seasons Well being Care has collapsed into administration, elevating fears for 1000’s of aged residents.

4 Seasons homes 22,000 aged residents throughout 322 houses, though the agency insists that operations will likely be unaffected by the transfer.

The corporate has appointed company undertakers at Alvarez & Marsal (A&M) to hold out the method following an aborted sale try.

Group medical director Dr Claire Royston stated: “At the moment’s information doesn’t change the best way we function or how our houses are run or immediate any change for residents, households, workers and certainly suppliers.

“It marks the most recent stage within the group’s restructuring course of and permits us to maneuver forward with an orderly, impartial gross sales course of.”

The collapse is the largest care houses failure since Southern Cross went bust in 2011.

Late final yr, US hedge fund H2 Capital Companions, which successfully controls 4 Seasons, ordered a sale of the crisis-hit firm, which is struggling below a £525 million debt mountain. The majority of the debt is held by H2, which is run by Spencer Haber.

Solely weeks in the past, 4 Seasons insisted that it had “enough working liquidity” to have the ability to full the sale course of.

A&M will now try and promote the group out of administration.

Ms Royston stated: “At the moment’s information doesn’t change the best way we function or how our houses are run or immediate any change for residents, households, workers and certainly suppliers.

“Our precedence stays to ship constantly excellent care. It marks the most recent stage within the group’s restructuring course of and permits us to maneuver forward with an orderly, impartial gross sales course of.”

However the failure of 4 Seasons caps a sorry saga for the group, which had been owned by Man Palms’ non-public fairness car Terra Firma.

Richard Fleming, of A&M, stated: “We’re dedicated to making sure the group delivers continuity of care as we work to undertake the impartial gross sales course of.

“The group has continued to enhance its high quality scores throughout their portfolio of houses and hospitals.

“The group’s operations are basically robust and a profitable gross sales course of will improve these operations’ potential to thrive.”

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