Care home group Four Seasons Health Care has gone into administration, the company announced today.
Alvarez & Marsal has been appointed administrator to holding companies Elli Investments and Elli Finance after rescue talks to reduce the firm’s debt pile failed.
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The group said that the operating companies that oversee the care home and hospital operations are not in administration and will continue to be run by the existing leadership teams as it launches an independent sales process.
Four Seasons is the UK's biggest care home provider, employing around 20,000 members of staff and serving around 17,000 residents and patients in 253 care homes across the UK. The group said it had secured funding to ensure continuity of care.
Dr Claire Royston, group medical director of Four Seasons Health Care, said: “Today’s news does not change the way we operate or how our homes are run or prompt any change for residents, families, employees and indeed suppliers.
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“Our priority remains to deliver consistently good care. It marks the latest stage in the Group’s restructuring process and allows us to move ahead with an orderly, independent sales process.”
The announcement follows news that private equity firm Terra Firma, which owns the care home operator, had put the company up for sale to pay off debt owed to US hedge fund controllers H/2 Capital Partners.