• Agreement provides stability for the business and reassurance for residents
• Day-to-day operations continue unaffected
• Parties to work together to present restructuring plan to Four Seasons creditors
Four Seasons Health Care and H/2 Capital Partners say they have executed a ‘standstill’ agreement in relation to Four Seasons’ December interest payments, which the company shall not make in order to maintain appropriate liquidity for its operations. Four Seasons says the agreement ensures continuity of care for Four Seasons’ residents and enhances operational stability for employees and all stakeholders.
Four Seasons, H/2 and their respective advisers will now use the standstill period to facilitate an orderly transition and seek agreement on implementation terms for a restructuring on behalf of creditors. The primary objective of a restructuring plan is to create a sustainable, long-term capital structure that best serves residents, patients and employees.
Having agreed the … Read More »
One of the biggest care homes on the Welsh borders, St Nicholas House in Montgomery, has been acquired by RD Capital Partners (RDCP Care) in a leveraged buyout deal supported by a seven figure funding package structured by Allied Irish Bank (GB).
Purchased from its previous owners, Roger and Sheila Hill, the 49-bed purpose built nursing home is RDCP Care’s second care home acquisition this year after completing the purchase of Kings Bromley care home in Staffordshire, their flagship care home in the Midlands.
Established in July 2015 by Sameer Rizvi and Iryna Dubylovska, RDCP Care is the care home management arm and subsidiary of London based investment firm, RD Capital Partners LLP. This is an important milestone for RDCP Care as the group’s enterprise value (EV) has now risen above £10m and the number of employees is now more than 130.
The … Read More »
The Government has again failed to tackle the funding of sleep in care, says the Voluntary Organisations Disability Group (VODG), responding to the latest development in the long-running wages wrangle over how sleep-in shifts, where carers sleep through the night unless awoken to respond to residents’ care needs, should be paid for.
The national umbrella group, which represents disability charities, says the ‘sleep-in crisis’ remains critical and unresolved despite repeated calls for action from across the social care sector. Following the earlier hiatus in enforcement, VODG raised significant concerns but committed to working with Government to find a solution.
However, while the latest announcement about a new Social Care Compliance Scheme (SCCS) offers an apparent way forward, there are no assurances on how to fund the devastating retrospective cost.
VODG says that Government’s plans fall well short of what is necessary to remove … Read More »