Four Seasons Healthcare as secured an additional £40m funding from leading creditor H/2 Capital as it prepares for its sale.
The US hedge fund is increasing its financing from £70m to £110m and extending its agreement with the leading care home provider until June 3.
A Four Seasons spokesperson said: “We welcome the additional funding by the group’s major creditor H/2 Capital, which can be drawn down as needed, in order to ensure that the Group has sufficient liquidity to maintain continuity of a high standard of care for our residents and patients and time to complete an orderly sale process and transition to new ownership.
“We announced in December the Group Board’s intention to launch an independent sales process as a positive step to put the business on a sound financial footing that is sustainable in the long term. This is in the interests of the people in our care, our colleagues and our stakeholders. The Board has been working with advisers to prepare for the launch of a sale and has made good progress and a further announcement will be made when arrangements are completed.”
Four Seasons announced in December it was working with independent financial advisers BDO LLP and independent legal advisers Pinsent Masons LLP to finalise preparations for the formal launch of its sale with H/2 Capital Partners supporting the process (BREAKING NEWS: Four Seasons to go on sale in January).