Four Seasons to begin search for new buyer, report
Four Seasons Health Care is expected to being its search for a new buyer today, according to a press report.
The Telegraph said the care home provider was due to launch a formal sales process in a bid to attract a new buyer.
Four Seasons interim chairman Martin Healy said: “We have sufficient operating liquidity for the business to be able to implement a restructuring and undertake the orderly transition to new ownership. We will update further on the process when in a position to do so.”
Four Seasons confirmed in October that it was being prepared for possible sale as part of its rescue talks with leading lender H/2 Capital Partners (see BREAKING NEWS: Four Seasons being prepared for possible sale).
H/2 Capital has instigated a Boardroom shake-up at the care home provider with Claire Royston, Ben Taberner and Iain Lynam standing down and being replaced by Baroness Margaret Ford, Mark Odan and Martin Healy. Ben Taberner, Claire Royston and Tim Hammond remain as Group CFO, Group Medical Director of Four Seasons, respectively.
A standstill and deferral agreement was reinstated with H/2 Capital following the Boardroom shake-up. Investors have said that the future of the company, which cares for 17,000 people would be unclear, if no new buyer was found.