Former senior executives of Barchester Homes and Sunrise Senior Living have been brought into rescue troubled care home operator Four Seasons Healthcare.
In a move widely seen as a first step in preparing the top care home operator for sale, former Barchester chairman Baroness Margaret Ford and former Sunrise Senior Living chief executive officer Mark Ordan (pictured), have been appointed to the board of Four Seasons holding company Elli Finance UK, ousting former directors Claire Royston, Ben Taberner and Iain Lynam.
However, Taberner, Royston and Hammond remain as Group CFO, Group Medical Director and CEO of the Four Seasons Health Care business, respectively.
The Board room coup follows long term concerns over the operating performance of Four Seasons Healthcare. In February, 2018, Four Seasons Health Care received a £70 million cash injection to assist ongoing operations and ensure continuity of care for residents. Ordan’s success with Sunrise Senior Living has earned him the reputation of a corporate turnaround artist, specialising in troubled companies.
In June 2018, the Four Seasons group operator, Elli Investments, reported a net debt of £573.0m, and at Four Seasons increased agency costs, higher payroll costs and falling occupancy rates.