Fears for the future of Four Seasons Healthcare have resurfaced following the collapse of a £350m deal to sell 185 freehold properties to leading creditor H/2 Capital.
The joint administrators of the care home provider, Alvarez & Marsal, announced yesterday that the details of the deal, which was announced earlier this month, had not been met.
Alvarez & Marsal were appointed joint administrators of Four Seasons after its holding companies went into administration in April (see BREAKING NEWS: Administrators appointed at Four Seasons’ holding companies).
Martin Healy, Chairman of Four Seasons Health Care, said: “All parties remain in constructive discussions with a view to implementing a consensual restructuring of the group.
“The priority of everybody involved remains entirely focussed on continuing to provide high quality care for our residents and patients in this next phase of the restructuring.”
While fresh doubt has been on the future of the freehold estate, talks, meanwhile remain ongoing with landlords over its 135 leasehold properties.
Four Seasons announced earlier this month that it had withdrawn its rent as part of negotiations with landlords (see Concerns rise for residents after Four Seasons’ decision to withdraw rent).
A CQC spokesperson told CHP that it continued to monitor the situation at Four Seasons as part of its Market Oversight function. The CQC restated its view that there was no current risk to services from business failure.