A city firm advising under-pressure Four Seasons Health Care has left its role because it is unable perform after the care company made a string of governance changes.
PJT Partners believes it cannot do the job due to series of changes on the boards of Four Season’s operating companies, sources told Sky News.
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A replacement is expected to be found this week.
The UK’s largest care home operator recently revised down its forecasted earnings before interest, tax, depreciation and amortisation for the third time this financial year.
It now expects Ebitda to be around half its February 2017 projections.
The company, whose 25,000 employees look after 17,000 residents, was plunged into debt after its £825m takeover by Terra Firma Capital Partners in 2012.
It has missed several deadlines to find a restructuring deal and narrowly avoided bankruptcy several times in the past 12 months.