Sep 22nd, 2010 - World Alzheimer Report released
The World Alzheimer Report 2010 was released on the 21st September. The report commissioned by Alzheimer's Disease International (ADI) was written by academics at King’s College, London and the Karolinska Institute in Stockholm.
The report provides a very clear global picture of the economic impact of Alzheimer's disease and dementia including an estimate of the worldwide cost of dementia, direct medical costs, direct non-medical costs and costs of informal (family) care. The report also contains important policy recommendations and makes clear to key decision-makers that immediate action is required. Key report finding include:
- Dementia costs will amount to more than 1% of the world's gross domestic product this year at $604bn (£388bn).
- Research funders must dramatically boost support to match that provided for heart disease and cancer. Government and charitable research into dementia came to one twelfth of that into cancer and less than a third of that into heart disease.
- Governments must show greater leadership, working with stakeholders, to drive solutions to the long-term care issue.
- The sheer scale of the challenge needs to be discussed as a top priority in the agendas of the World Health Organization and G-20 and G-8 meetings.
- The report sends a clear message to governments which is to invest now to save later; otherwise the costs of dementia will spiral out of control as dementia is being referred to as the 21st century's most significant health crisis.
- Governments worldwide are being urged to follow the example of countries such as England, France and Australia in developing national plans to tackle the problem.
The Department of Health welcomed the report stating that the department would soon publish revised implementation plans for the national strategy introduced by Labour last year.
Working with key partners FSHC continue to invest in developing world class dementia services for our residents. The launch of our specialist dementia care service (PEARL) over two years ago has enabled Four Season Health Care to pioneer and invest in a new approach to dementia care in care homes. This puts us in a position to provide insight, measureable results and recommendations to help the UK health care industry provide better dementia care and be part of the solution to the UK’s dementia challenge.
A copy of the full report can be found by clicking here.
To find out more about Four Seasons Health Care's specialist dementia care service, PEARL, please click here.
Sep 15th, 2010 - Four Seasons Health Care wins refinancing battle
Four Seasons Health Care, the Wilmslow-based operator, has announced that a deal has eventually been agreed to extend its £790m whole life loan by two years to September 2012. The deal will give management at the company, which is the one of the major players in the private care homes market operating more than 400 care homes, breathing space to continue its strategy to develop more high-value care services as well as continuing to pay down its remaining debts. Four Seasons Health Care had been in breach of its to banking covenants and had racked up debts of £1.7bn until a major refinancing last year which saw its main lender, Royal Bank of Scotland, take a 38% stake in the business in a deal which reduced its debts to £790m. However, the bulk of this was due for repayment this year, and although the debt's special servicer, Hatfield Philips, embarked upon a concerted campaign to convince the different groups of lenders who held the notes to back an extension of the loan some holders of junior debt opposed this. They employed US law firm Cadawalder, Wickershan & Taft to oppose the loan's extension in a bid to force a sale of the business. Despite this, the company has announced that it won approval from 92% of holders of Class A1 notes worth £425m and from 100% of holders of £175m of Class A" notes - significantly more than the 75% threshold needed to extend the loan. Chief Executive Dr Pete Calveley said: "This agreement to extend the loan gives the Group a secure and stable financial position which will allow us to put in place a capital structure for the long term future,” he said. Four Seasons Health Care said that its underlying business remained strong, generating earnings before interest, tax, depreciation and amortisation of more than £100m in its most recent financial year to December 31, 2009, when it achieved a five per cent increase in turnover to £489.5m. It also argued that its admissions were currently at record levels and that occupancy rates had increased to 88.5%.Sep 13th, 2010 - Noteholders agree resolution to extend Four Seasons Health Care loan
(10 September 2010) Four Seasons Health Care (the Group) announces that today the resolution to extend the maturity date of the £790 million Four Seasons Whole Loan has been agreed by the required majority of the Titan Europe 2006-4 FS p.l.c. (Titan) Noteholders.
The Group asked Noteholders of £425 million Class A1 and £175 million Class A2 Commercial Mortgage Backed Floating Rate Notes issued by Titan to approve proposals that would provide improved economic terms under the Notes in return for agreement to an extension of the loan from 3 September 2010 to 3 September 2012. While approval of the proposals required 75% by value of each class of Noteholders voting in favour, an overwhelming 92% of the voting Class A1 Noteholders and 100% of the voting Class A2 Noteholders voted in favour of the proposals and the legal documentation required to effect the extension has been completed.
Dr. Pete Calveley, chief executive of Four Seasons Health Care said, “This agreement to extend the loan gives the Group a secure and stable financial position which will allow us to put in place a capital structure for the long term future.”
Four Seasons Health Care has a strong underlying business performance with EBITDA of over £100m; admissions at record levels and occupancy increased to 88.5%. More than four in five of its homes in England, 88%, are rated good or excellent by the Care Quality Commission which positions the Group 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.
The food excellent also the carers are excellent.
Four Seasons is a progressive employer who recognises potential and allows this to develop with expert guidance and support.
Clinical Lead, East Riding Care Home
