Four Seasons agrees revised corporate credit facility
Caring Times Latest
Four Seasons Health Care group has reached agreement with its banks in respect of its £40m corporate credit facility, with the existing covenant under that facility replaced with a gross ‘super senior’ leverage covenant.
Four Seasons says the revised facility, which matures in three years (December 2017), provides sufficient headroom to enable the group to implement its medium term operational and strategic plans. Four Seasons chairman Ian Smith said the group had now restructured its operations into three businesses, each has its own chief executive and senior team in place and they had begun implementing their plans to develop the three businesses.
“I welcome this new affirmation of support from our banks which combined with the group’s ample liquidity, means we are well placed to drive our strategy in the coming years,” said Mr Smith.
The businesses created as a result of the operational restructure are:
- Four Seasons, a national network of about 370 care homes providing high acuity nursing and dementia care services;
- Brighterkind, a new proposition designed primarily to attract customers who choose to self-fund their care in order to enjoy their later years to the fullest possible extent. It will eventually have about 85 homes as the programme of upgrading and training rolls out;
- The Huntercombe Group with 56 hospitals and specialist units providing services in areas of mental health and brain injury that are commissioned by the NHS.