Four Seasons to go on sale in January
Four Seasons Health Care Group has today announced that it will be put up for sale in January.
The news came as Four Seasons agreed to extend a ‘standstill and deferral agreement” with leading lender H/2 Capital Partners until January 2019.
Martin Healy, Chairman of Four Seasons Health Care Group, said: “FSHC Group has today announced that it will begin a sales process with the expectation that it will be completed in the spring of 2019. This is a positive step towards restructuring the Group’s finances and providing the business with a sound financial structure that meets 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. The sale process will have no impact on Four Seasons’ care services”
The Group’s board is working with its independent financial advisers BDO LLP and independent legal advisers Pinsent Masons LLP to finalise preparations for the formal launch of the sale. Major creditor H/2 Capital Partners is supporting this process.
Andrea Sutcliffe CBE, Chief Inspector of Adult Social Care at the Care Quality Commission (CQC), said: “While it’s clear the financial restructuring process is taking some time, these latest developments confirmed by Four Seasons Health Care – to extend the existing standstill agreement and begin an orderly sale process – are a welcome step towards reaching a final and successful resolution of the situation in the interests of people using these care services.
“People can be assured that CQC’s Market Oversight function is monitoring the position very closely and will continue to do so. CQC’s Market Oversight regulatory responsibility is to advise local authorities if we believe that services are likely to be disrupted as a result of likely business failure. We do not believe that to be the case at this point in time and will continue to keep this under review.”