Caring Times News
• 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 »
High-end care home provider Porthaven has been sold to Fremont Realty Capital and co-investors. Financial details of the transaction have not been disclosed.
In 2011. previous owners Phoenix Equity Partners backed Porthaven founder and chief executive John Storey to build a portfolio of high quality care homes. During the six year investment period, Phoenix worked with the Porthaven management team to build the portfolio fivefold from three to 15 care homes, through an organic growth plan of acquiring land and building additional homes. The number of residents living in Porthaven homes has increased from 80 to more than 500 during Phoenix’s investment period as a result. John Storey will continue to lead and grow the group alongside Fremont.
John Storey said that during its ownership Phoenix had been “hugely valuable business partners’. understanding the need to ensure the Porthaven ethos of delivering … Read More »
By Caring Times editor GEOFF HODGSON
There’s a lot of speculation as to the near-term future of Four Seasons Health Care: as to if it will be placed in administration with some investors out of pocket and a few wiley individuals apparently trousering a surplus following financial machinations which are incomprehensible to me.
No one should be surprised by this development; government effectively washed its hands of adult social care provision and handed it over to the private sector many years ago. Multinational investors in all their guises have but one imperative – to maximise monetary return, but private enterprise and risk go hand-in-hand and some failures are inevitable.
One has the sense of the Southern Cross debacle playing out again, with national media asking largely fatuous questions about corporate accountability, presenting government as a potential ‘Mr Fixit’ rather than as agent provocateur.
But a … Read More »
By Caring Times editor GEOFF HODGSON
What do we take away from the Competition and Markets Authority’s final report on the care homes sector? I think that firstly it has to be that, despite the CMA initially saying that it would not take account of funding levels, its headline pronouncement was that ‘the current system for providing care is not sustainable without additional funding’.
The CMA identified a funding shortfall of £1bn a year across the UK because ‘councils are paying fee rates for the residents they fund which are below the costs care homes incur’. The final report acknowledges that this has led to care homes propping up their finances by charging higher prices (about 40% more) to those who pay for their own care.
The report then acknowledges that uncertainty about future funding, including whether council fees will cover the full costs … Read More »
With £915k National Lottery Funding from Sport England, Oomph! aims to get 27,000 adults doing regular exercise within two years.
Oomph! Wellness, a social enterprise dedicated to enhancing the mental, physical and emotional wellbeing of older adults, has been announced as the largest delivery partner of Sport England’s £10m Active Ageing Fund.
The organisatiom pans to train around 1600 workers and volunteers in retirement villages and community venues to run adapted sports activities for older people.
Oomph! is prioritising online applications from venues in the North West of England and London and the South East before moving on to other regions.The organisation is best known for transforming exercise and activity provision in care homes, working with many of the biggest providers to put quality of life front and centre. It was established in 2011 by young entrepreneur Ben Allen.
Sport England has put tackling inactivity … Read More »
National older people’s charity Age UK says that, since 2011 almost four million hospital bed days have been lost through delayed discharges due to problems securing social care, with delays getting homecare rocketing by 209% in six years.
The charity says it’s getting worse, with the starkest increase occurring between 2015/16 and 2016/17, when there was a 27.2% rise in the number of bed days lost through an inability to have social care arrangements in place, from 695,037 days, to 954,799 days.
And the latest available figures show that in the period between April and July 2017, there have been 13.2% more days lost to social care than during the same period in 2016. Whilst there is no age breakdown available for patients affected by delayed hospital discharge they are typically older people. Age UK charity director Caroline Abrahams said the figures … Read More »
Not for profit care and housing provider The Abbeyfield Kent Society is to close The Dynes residential care home in Kemsing, with plans to redevelop the property as extracare housing.
Citing undersized rooms, the need for modernisation and viability, the society has given residents and staff six months’ notice of the planned March 2018 closure and says both residents and staff will be fully supported ahead of, and during, their move, either to another Abbeyfield Kent care home, or elsewhere.
Director of operations Katrina Levett said The Dynes was no longer longer financially viable.
“It has undersized rooms that do not meet the standards required for the 21st Century, particularly the lack of ensuite bathrooms,” said Ms Levett.
“In addition to this, we have struggled with recruitment for several years, due to the home’s rural location.
“The safety and wellbeing of our residents is our … Read More »
Commenting on NHS England’s decision to offer free flu vaccinations to care home workers, Professor Martin Green, chief executive of independent provider representative body Care England, said his organisation had long campaigned on the issue.
“In the past the independent sector has been overlooked and providers have had to foot the bill themselves which, in a climate of severe financial pressures, has been difficult,” said Prof. Green.
“Being ready for winter and offering extra capacity to the already stretched NHS is yet another area where the independent sector can help.”
In a circular from NHS England, Department of Health and Public Health England the new programme for vaccinating people at risk was unveiled. It highlighted the virulent strain of flu in Australia and New Zealand and echoed messages of needing to prepare front line health and social care staff.
The International Longevity Centre – … Read More »