Care Home Operator Four Seasons Appoints Administrators

Britain’s second biggest care home operator Four Seasons has appointed administrators to push through a sale in a last-ditch attempt to save the business that houses 17,000 residents, the Financial Times reported. The administration of two holding companies — which were set up by the care home chain’s former private equity owner, Terra Firma — will enable the US hedge fund that seized control to sell the business without any ongoing obligations. Four Seasons, which employs 20,000 staff, will continue to operate as usual and is hoping to be sold by the end of the year, according to a stock exchange announcement on Tuesday. The group, which was bought in a debt-fuelled £825m deal by Guy Hands’ Terra Firma in 2012, has effectively been in the hands of H/2 Capital Partners, its largest creditor, since running out of cash in December 2017. Mr Hands has already seen his investment group’s equity wiped out and has taken a £450m loss on the business as it struggled to service the debt. Read more