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You can find the current article at its original source at https://www.theguardian.com/society/2019/apr/30/four-seasons-care-home-operator-on-brink-of-administration
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| Four Seasons care home operator on brink of administration | Four Seasons care home operator on brink of administration |
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| Care homes operator Four Seasons, which looks after 16,000 elderly and vulnerable residents and employs 22,000 people, is reportedly on the verge of administration, with protracted financial rescue talks expected to end in failure. | |
| More than a year after complex financial talks began between its US hedge fund lender H/2 Capital and its former private equity owner, Guy Hands’ Terra Firma, Four Seasons Health Care is thought to be close to appointing administrators. | More than a year after complex financial talks began between its US hedge fund lender H/2 Capital and its former private equity owner, Guy Hands’ Terra Firma, Four Seasons Health Care is thought to be close to appointing administrators. |
| Professional services firm Alvarez & Marsal (A&M) has been lined up to handle the administration, according to Sky News, potentially the biggest financial failure in the care homes sector since Southern Cross collapsed in 2011. | Professional services firm Alvarez & Marsal (A&M) has been lined up to handle the administration, according to Sky News, potentially the biggest financial failure in the care homes sector since Southern Cross collapsed in 2011. |
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| Sources close to Four Seasons said the administration would allow the business to be sold and should not affect residents in the group’s 322 care homes. | |
| “The point of this is to ensure a fully funded independent sale process to allow the group to emerge with a viable future where it is not saddled by the company’s historic debt obligations,” an insider told Sky News. | “The point of this is to ensure a fully funded independent sale process to allow the group to emerge with a viable future where it is not saddled by the company’s historic debt obligations,” an insider told Sky News. |
| But the collapse will raise fresh questions about the financial health of Britain’s care home sector and the potential risks it poses to tens of thousands of residents. | But the collapse will raise fresh questions about the financial health of Britain’s care home sector and the potential risks it poses to tens of thousands of residents. |
| Figures released earlier this year showed that more than 100 care home operators collapsed in 2018, taking the total over five years to more than 400 and prompting warnings that patients in homes that close down could be left with nowhere to go but hospitals. | Figures released earlier this year showed that more than 100 care home operators collapsed in 2018, taking the total over five years to more than 400 and prompting warnings that patients in homes that close down could be left with nowhere to go but hospitals. |
| UK care home firms are buckling under the pressure of funding cuts, crippling debt and rising costs, according to accountancy firm BDO. | UK care home firms are buckling under the pressure of funding cuts, crippling debt and rising costs, according to accountancy firm BDO. |
| Social care | Social care |
| Job losses | Job losses |
| Health | Health |
| Healthcare industry | Healthcare industry |
| news | news |
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