Four Seasons Health Care is being prepared for possible sale as part of rescue talks with its leading creditor H/2 Capital.
Holding company H/2 Capital has also instigated a Boardroom shake-up at the care home provider with Claire Royston, Ben Taberner and Iain Lynam standing down and being replaced by Baroness Margaret Ford, Mark Odan and Martin Healy.
Ben Taberner, Claire Royston and Tim Hammond remain as Group CFO, Group Medical Director of Four Seasons, respectively.
The move came with the expiry of a standstill and deferral agreement that was part of a rescue deal reached with H/2 Capital in December last year (see BREAKING NEWS: Four Seasons and H/2 Capital reach debt standstill agreement).
The standstill and deferral agreement was reinstated following the Boardroom shake-up.
A Four Seasons source said the day to day running of the business would not be affected by the Boardroom changes.
News of the possible sale followed news earlier this year that leading care home provider Barchester Healthcare had been put on the market (Investor interest in Barchester heats up ahead of bid deadline, report).