An American hedge fund will give Four Seasons Healthcare Group a £70 million lifeline as the deadline for a long-term rescue deal is pushed back by two months.
H/2 Capital Partners, which owns the majority of Four Seasons’ bonds, has agreed to make the sum available in order to repay an existing loan to the company, as well as providing £30 million of new interim funding.
The deal gives Four Seasons some breathing space. Like other operators, the company has seen its financial performance suffer amid cuts in local authority funding and rising costs such as the national living wage.
H/2 has lined up the crossbench peer Baroness Ford, who previously chaired Barchester, as Four Seasons’ chairman to replace Robbie Barr.