GMB seek urgent meeting following closure of seven Four Seasons homes

Four Seasons outlines restructuring plans

Four Seasons Health Care High Yield Bond Group has revealed details of a proposed restructuring, which it says will improve its capital and financial structure.

The restructuring includes new funding from its owner Terra Firma via the transfer of the 24 homes that currently sit in the Non-High Yield Bond Group, and the formation of two separate parts of the business.

One group will sit under a newly incorporated holding company structure, which will comprise existing High Yield Bond Group freehold operating companies, property owning companies and leasehold operating companies. The second division will be a transition group, sitting under the existing High Yield Bond Group holding companies, which will comprise leasehold operating companies where the relevant landlord has not consented to the proposals.

The group’s chairman, Robbie Barr, said: “For the past 18 months we have been very clear that a capital restructuring is needed to ensure the long-term stability of the business and allow it to continue to build on its strong operational turnaround. The proposal being put forward to creditors by the High Yield Bond Group and its shareholders will, we strongly believe, provide certainty and continuity for our residents, patients, and the thousands of colleagues who deliver care across the business, whilst also protecting creditors’ value.”

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