The sale of troubled care provider Four Seasons remains in doubt following the collapse of a £350 million deal after just two weeks.
The initial deal was announced on October 14 “subject to certain pre-steps and conditions”. However, yesterday, administrators announced that the sale to a fund management company had been terminated “due to certain conditions having not been met or waived”.
The announcement added: “The joint administrators, the group and the majority creditor remain in constructive discussions with a view to implementing a consensual restructuring of the group (including the ongoing leasehold estate restructuring) and maintaining continuity of care throughout such process.”
Commenting on the collapse, UNISON assistant general secretary Christina McAnea said: “Complete [political] inertia has left the country’s second largest residential care provider in administration for months. Today’s failure to secure a buyer leaves residents and staff fearful for their futures.
“Without ministerial action and substantial investment, care homes will continue to be prey to private equity firms and hedge funds, which excel at extracting profit from those in need.”