Four Seasons Healthcare has announced the sale of 185 freehold properties to leading creditor H/2 Capital.
While the care home provider revealed the deal on Friday, the future of its remaining 135 leasehold homes remains in doubt following its decision to withdraw rent as part of its negotiations with landlords (see Concerns rise for residents after Four Seasons’ decision to withdraw rent).
Martin Healy, Chairman of the Group, said: “Continuity of care has been and remains our priority throughout this process. This is a significant, positive step forward in the group’s sale and restructuring process, as we have now exchanged contracts with H/2 Capital Partners which will see over half of the group’s homes and hospitals sold to them upon completion.
“We are also actively engaging with landlords and we are confident that we will reach an agreement that will put the remainder of the group into a more sustainable financial position for the long term, whilst also delivering a more sustainable return for landlords.
“In combination, this puts in place a clear pathway to ensuring continuity of care across the group and it is important to emphasise that this news does not prompt changes for any of our care homes, the people in their care, their employees or suppliers due to the funding we have in place.
“We would not have reached this point without the hard work of our colleagues across the business, or the forbearance and support from our Majority Creditor, which has enabled continuity of care throughout the process.”