Stay of execution for Four Seasons

The UK’s biggest provider of carehomes won an eleventh hour stay of execution when three quarters of its lenders agreed an extension on its debt repayment. The beleaguered Four Seasons will now have an extra two years to pay off part of its £600m debt pile. The welcome news comes just a year after the firm agreed an £800m debt-for-equity swap with RBS, which now owns 40 per cent of the business. It’s latest figures show a 5.2 per cent revenue hike to £460.7m but a dip in profit to just £928,000.