Private equity group Terra Firma is close to selling 24 care homes to leading provider Barchester Healthcare, according to a press report.
The 24 homes, which were the subject of a fierce legal battle that was won by Terra Firma boss Guy Hands (pictured) last year (see Terra Firma wins Four Seasons care home court battle), are run by brighterkind.
A deal would further strengthen Barchester’s portfolio of care homes and its 17,000 workforce who look after around 11,000 residents.
Barchester itself was the subject of takeover speculation earlier this year with Australian investor Macquarie reported to have pulled out of a £2.5bn deal to buy it due to Brexit uncertainty (see Buyer in the offing for Four Seasons but Brexit scuppers Barchester deal, reports).
The Terra Firma owned homes sit outside the Four Seasons portfolio of care homes that have been the subject of restructuring talks with leading creditor H/2 Capital.
A £350 deal with H/2 Capital covering the sale of 185 freehold properties collapsed last month (see Fears for Four Seasons after deal to sell freehold properties collapses).
Meanwhile, Four Seasons remains in discussions with its landlords over rent agreements at its leasehold properties (see Concerns rise for residents after Four Seasons’ decision to withdraw rent).
Four Seasons’ two holding companies were put into administration with Alvarez & Marsal Europe LLP in April this year (see BREAKING NEWS: Administrators appointed at Four Seasons’ holding companies).
Barchester and Terra Firma declined to comment when contacted by CHP.