BREAKING NEWS: Administrators appointed at Four Seasons’ holding companies
Administrators have been appointed for the two holding companies of Four Seasons Healthcare, Elli Investments Ltd and Elli Finance (UK) Plc.
Four Seasons said the move was designed to ring fence its £500m plus debt and launch the sale of its operational business.
A spokesperson told CHP: “We have decided to call in administrators in respect of the holding companies that carry the group’s debt.
“They are entirely separate from the operational business and administration does not change the way our homes are run and they will continue to operate as normal. It does not in any way impact the day to day running of Four Seasons Healthcare, brighterkind and Huntercombe Group, which have sufficient funding to continue to operate and deliver continuity of care.”
The spokesperson said administration would have no “unscheduled” impact on Four Seasons’ care homes and hospitals, which were now open to sale to all interested parties.
Four Seasons expects the sale of its operational business to now be completed by the end of the year.
“Administration offers a level of protection for the operational business which remains fundamentally strong, profitable and improving its performance,” the spokesperson added.
“The administration effectively launches the sale process which can now be carried out in an orderly and independent fashion.”
Professional services firm Alvarez & Marsal Europe LLP has been chosen to handle the administration.
The post BREAKING NEWS: Administrators appointed at Four Seasons’ holding companies appeared first on Care Home Professional.