Four Seasons Health Care Group
Announces 3 May 2019 Independent Sales Process Launch and Administration of certain Holding Companies
Further to the announcement on 10th December 2018, Four Seasons Health Care Group (the “Group”) is launching on 3 May 2019 an independent sales process, as the next stage of its restructuring, which it expects to complete by year end.
Richard Fleming, Mark Firmin and Richard Beard of Alvarez & Marsal Europe LLP, have been appointed as Joint Administrators to the holding companies that carry debt, Elli Investments Limited and Elli Finance (UK) Plc (together “the Companies”). The Companies do not own or operate any care homes or hospitals directly.
The operating companies under which the care home and hospital operations sit are not in administration and continue to be run as normal by the existing leadership teams. The Group has entered into a funding agreement which provides sufficient operational funding to ensure continuity of care for all of the Group’s residents and patients during the independent sales process period.
The aim of the independent sales process is to achieve the highest or best offer for the Group for the benefit of all stakeholders, to ensure continuity of care and to maximise value for creditors.
Dr Claire Royston, Group Medical Director of Four Seasons Health Care, commented:
“Today’s news does not change the way we operate or how our homes are run or prompt any change for residents, families, employees and indeed suppliers. Our priority remains to deliver consistently good care. It marks the latest stage in the Group’s restructuring process and allows us to move ahead with an orderly, independent sales process.
Richard Fleming, joint administrator of Elli Investments Limited and Elli Finance (UK) Plc (holding companies only) added:
“We are committed to ensuring the Group delivers continuity of care as we work to undertake the independent sales process. The Group has continued to improve its quality ratings across their portfolio of homes and hospitals. The Group’s operations are fundamentally strong and a successful sales process will enhance those operations’ ability to thrive.”
For further information:
Parties interested in the independent sales process should contact:
Alvarez & Marsal Europe LLP Email: INS_ELLI@alvarezandmarsal.com
Tom Morris Tel: 0207 072 3218
Media should contact:
MHP Communications Email: firstname.lastname@example.org
Oliver Hughes / Katie Hunt Tel: 020 3128 8100
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