About Us

Reference For Journalists

The expertise of our healthcare professionals is available for any journalist needing information and advice on any aspect of the services we supply.

All media enquiries should be directed to the Four Seasons Health Care Press Office on 07533 886 573. 

Four Seasons Finance Director Nick Mitchell has decided to leave the Group

26th February 2010

Nick has served the Group well for five years. In addition to fulfilling the usual demanding role of finance director, he has supported the business through negotiations to reorganise the debt it took on when it was bought by Three Delta LLP investment fund in 2006. Having met his commitment to take us through to the capital restructuring agreement reached with our lenders in December, he has decided to pursue other options. His colleagues on the senior management team wish him well.

This is what Nick said about leaving the Group, "My time with Four Seasons Health Care has been challenging, exciting and rarely routine. It is valuable experience that I will always remember. I have mixed feelings about leaving, but the capital restructuring agreement was a significant achievement on which to bow out and I think now is the right time to look for another challenge."

There will be an announcement about our new Finance Director in due course.

Press clarification statement

17th February 2010 

In the recent news release entitled "Eighth acquisition in 12 months for lyceum-backed carewatch" the Four Seasons business referred to is Burnley-based Four Seasons Home Care (http://www.4shc.com/) which has been trading since 1993.

It is not Four Seasons Health Care (http://www.fshc.co.uk/), which owns or operates over 400 nursing and care homes and specialised care centres in England, Scotland, Northern Ireland and the Isle of Man.

Four Seasons Health Care appoints Gleacher Shacklock as financial adviser

17th February 2010 

Four Seasons Health Care is pleased to announce the appointment of Gleacher Shacklock LLP as the Group's financial adviser.

Gleacher Shacklock will advise the Group in connection with the Four Seasons Whole Loan and the Group's long term strategic development.

Further information:

Four Seasons Health Care
Robert Mitchell: 07976 514833 rmitchell@NOSPAMparys.com

Ryszard Bublik: 07977 987991 rbublik@NOSPAMparys.com

Gleacher Shacklock

Dorian Lowell, Head of Special Situations Group: +44 207 484 2177   

Background notes
Four Seasons Health Care is one of the largest independent providers of care services in the UK. It owns or operates over 400 nursing and care homes and specialised care centres in England, Scotland, Northern Ireland and the Isle of Man. The Group cares for over 15,000 people and employs over 21,000 staff.  The Group has a strong underlying business performance with EBITDA of over £100m. Admissions are at record levels and occupancy has increased to 88.5%. More than four in five of its homes in England (84%) are rated good or excellent by the Care Quality Commission which positions Four Seasons as one of the highest quality care providers in the country.

Gleacher Shacklock offers the highest quality corporate and strategic advice to its clients. In the last 12 months it has advised on a number of complex M&A, financing and restructuring transactions including the sale of a controlling interest in bmi to Lufthansa, GKN's £423m rights issue, the contested offers for Goldshield Group plc and the restructuring of Taylor Wimpey plc.  The firm is currently advising Cable & Wireless plc on its demerger process and Promethean on its forthcoming IPO.

Four Seasons Health Care and lenders sign capital restructuring agreement

(9 December 09) Four Seasons Health Care Group today announces that all legal documentation relating to the consensual capital restructuring of the Group's debt has been agreed and signed with the Group's financial creditors and with Hatfield Philips International Limited (the Servicer and Special Servicer to the senior lenders of the Group). All conditions relating to the Group's capital restructuring have also been satisfied and the restructuring has completed today.

Under the capital restructuring agreement certain of the Group's lenders will exchange debt owed to them for an equity stake in the business. This will reduce the Group's debt by over 50 per cent to around £780m.

Following the restructuring, certain of the lenders will hold voting equity in the Group. However, RBS and funds in which RBS participates (RBS) will hold a total interest of approximately 38% in the Group but RBS will not have any day one control or influence over the Group. In particular, RBS will have no voting rights attached to its shares, nor will it be entitled to any rights to Board representation.

The Group's remaining debt matures in September 2010 and the Group will seek to arrange to extend or refinance this debt before the maturity date. The Group will now commence working actively towards a long term refinancing of the residual debt.

Further information:

Parys Communications

Robert Mitchell: 07976 514 833 rmitchell@NOSPAMparys.com
Ryszard Bublik: 07977 987991 rbublik@NOSPAMparys.com

Four Seasons Health Care and lenders reach agreement on capital restructuring

29th September 09

(29 September 09) Four Seasons Health Care Group today announces that commercial agreement has been reached with the Group's financial creditors for a consensual capital restructuring of the Group's debt.

All of the Group's lenders have confirmed their agreement to the restructuring proposal by signing a formal term sheet and lock up agreement that was circulated by Hatfield Philips International Limited, the Servicer and Special Servicer to the senior lenders of the Group.

Under the restructuring proposal, certain of the Group's lenders will exchange debt owed to them for an equity stake in the business. This will reduce the Group's debt by over 50 per cent to around £780m.

Dr. Pete Calveley, chief executive of Four Seasons Health Care said, "Agreement on the consensual restructuring will give the Group a more robust capital structure and represents a major step forward. The remaining debt matures in September 2010 and we will immediately start work on a long term solution. As always, we will continue to be single minded in our attention to improving our service offering and developing our business."

Four Seasons Health Care has a strong underlying business performance with EBITDA of over £100m. Admissions are at record levels and occupancy has increased to 88.5%. More than four in five of its homes in England, 84%, are rated good or excellent by the Care Quality Commission which positions Four Seasons as one of the highest quality care providers in the country. Similar strong improvements are being seen in Scotland in Care Commission ratings and Northern Ireland, where the Group operates a quality assurance and grading scheme

Further information:

Parys Communications
Robert Mitchell: 07976 514 833 rmitchell@NOSPAMparys.com
Ryszard Bublik: 07977 987991 rbublik@NOSPAMparys.com

Four Seasons Health Care defers launching a sales process

13th July 09

Four Seasons Health Care Group announces that its board has decided to defer the launch of a sales process for the business to enable the Group to facilitate further dialogue with and between the Group's financial creditors

The decision has been taken in the light of the Group's senior lenders having recently reached agreement to support a consensual restructuring proposal. This leaves only a minority of the junior lenders who have not agreed to the restructuring terms. The deferral is expected to be for a short period only, during which the Group's board will keep the situation under constant review and determine the appropriate course of action for the Group.

Four Seasons Health Care continues to perform well in its day to day operations. The Group believes it is in the interests of all lenders - and in the event of a sale process, in the interests of prospective purchasers - to preserve the underlying value of the operating business. It is confident that neither a consensual restructuring nor a sale would have any impact on the Group's day to day operations, customers or trade creditors.

Further information:

Parys Communications

Robert Mitchell: 07976 514833 rmitchell@NOSPAMparys.com
Ryszard Bublik: 07977 987991 rbublik@NOSPAMparys.com

22 June 2009

Lenders asked to accept restructuring proposal by 6th July

A further proposal for restructuring the Four Seasons Health Care Group's debt was presented to the Group's lenders last week by Hatfield Philips International Limited (the Servicer and Special Servicer to the senior lenders of the Group). This proposal builds on the significant progress that has been made in negotiations towards reconciling the interests of the various lenders and seeks to address the remaining points of difference in a way that balances the interests of all lenders to achieve their agreement. Hatfield Philips is asking lenders to confirm agreement to the restructuring commercial terms by close of business on 6th July. If the lenders are unable to reach agreement on the restructuring proposal, the Group and Hatfield Philips International have said they will focus their efforts on commencing an orderly sale of the Group that delivers a sustainable capital structure. Contrary to speculation, none of the Group's lenders has commenced proceedings to enforce their security over the Group's assets.

Four Seasons Health Care continues to perform well in its day to day operations with occupancy at record levels. The Group believes it is in the interests of all lenders - and in the event of a sale process, in the interests of prospective purchasers - to preserve the underlying value of the operating business. It is confident that neither consensual restructuring nor a sale would have any impact on day to day operations, its customers or its trade creditors

19 June 2009

Four Seasons Health Care statement on new restructuring proposal

The negotiations between Four Seasons Health Care Group, Hatfield Philips International Limited (the Servicer and Special Servicer to the senior lenders of the Group) and its lenders to agree a consensual capital restructuring solution to the Group's debt have continued to make progress towards reconciling the interests of the various lenders. Hatfield Philips has now presented its restructuring proposal to the lenders. This proposal builds on the significant progress that has been achieved in negotiations and seeks to address the remaining points of difference between lenders in a way that balances fairly the interests of all lenders to achieve their agreement. Hatfield Philips intends to circulate a formal term sheet and lock up agreement and will request that the lenders to confirm agreement to the restructuring commercial terms by close of business 6th July.

A consensual restructuring of the Group's debt that delivers a robust capital structure remains the Group's preferred solution. However, it considers it is in the interests of the business, its customers, suppliers and employees to bring a final and speedy resolution to its capital structure issues. The Group and Hatfield Philips International have therefore concluded that if the lenders are unable to reach agreement on the restructuring proposal within this reasonable period, their time and efforts should become focused on formally commencing an orderly sale of the Group that delivers a sustainable capital structure. The Group remains confident that neither the consensual restructuring nor a sale will have any impact on day to day operations, its customers or its trade creditors.

The Group continues to perform well in its day to day operations with occupancy at record levels and it believes that if a sale process were to be launched prospective purchasers would wish to preserve the value of the operating business.

For further information

Ryszard Bublik, 07977 987991, rbublik@NOSPAMparys.com

Bob Mitchell, 07976 514833, rmitchell@NOSPAMparys.com

Parys Communications Ltd

London, SW11 4NB

020 7622 9951

Background Notes

Four Seasons Health Care preliminary results for the year ended 31 December 2008 show that the Group's EBITDA increased to over £100m. Admissions to its care homes are at record levels and occupancy has increased throughout the year from 84.3% to over 87.0% on a like-for-like basis. This reflects the success of the Group's strategy with its focus on quality of care.

Four Seasons Health Care is one of the largest independent providers of care services in the UK. It owns or operates over 400 nursing and care homes and specialised care centres in England, Scotland, Northern Ireland and Isle of Man. The Group cares for over 15,000 people in its care and nursing homes and specialist units and employs over 21,000 staff. There is no prospect that its homes would be closed or residents forced to move. That would not happen in any circumstances that could reasonably be envisaged.