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Four Seasons bonds suffer as profit slides

Posted on October 1st, by geoff in Caring Times. Comments Off

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Higher payroll costs and sustained regulatory and fee pressure has led to a 31% fall in profits for at the UK’s biggest care home group, Four Seasons Health Care.

The slide refers to the second quarter of the year, when compared to the same period in 2013. Profits for the calendar year 2013 stood at £93.9m, dropping to £79.1m for the last 12 months.

Private equity Terra Firma bought Four Seasons two years ago in a deal worth £825m and the financial results for the quarter ended 30 June 2014 of Elli Investments, the umbrella company created to service the £525m in high yield bonds issued following the acquisition, confirms that EBITDA fell by £7.9m to £17.5 million for the quarter.

In response, ratings agency Moody’s has downgraded the bonds and cautioned a negative outlook. In a statement, Moody’s said the … Read More »


Montreux buys The Regard Partnership

Posted on September 30th, by geoff in Caring Times. Comments Off

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Montreux Capital Management, the advisor to The Montreux Healthcare Fund, and Macquarie Lending (Macquarie) has purchased specialist care provider The Regard Partnership for £119.5m.

Regard is a major UK provider of learning disability care homes in and supported living services to hundreds of users across more than 120 sites in England and Wales. The Montreux Healthcare Fund has taken a majority equity stake in Regard, bringing their significant management experience in the care homes sector. This includes (via the Montreux Care Home Fund) the majority ownership of the ACH care homes business.

Macquarie originated the Regard transaction and developed the capital structure of the deal. Providing a bespoke loan and minority equity financing, Macquarie introduced Montreux Capital Management to the transaction resulting in a competitive offer on an accelerated timetable.

Regard appears destined for growth under the new ownership arrangements.

“Montreux and … Read More »


Regulator sets out its new ratings regime

Posted on September 29th, by geoff in Caring Times. Comments Off

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The Care Quality Commission (CQC) has set out what Outstanding, Good, Requires Improvement and Inadequate will look like across each of the key areas it will routinely inspect adult social care services against. From October, CQC will begin implementing its new approach to regulating adult social care in England.

Specialist teams, including trained members of the public (‘experts by experience’), will inspect services against what CQC says matters most to the people who use them – are they safe, caring, effective, responsive to their needs, and well-led? CQC will then rate these services as Outstanding, Good, Requires Improvement and Inadequate.

By March 2016, CQC expects to have rated every adult social care service in England. Following its public consultation and testing earlier this year, CQC has published the questions (called ‘key lines of enquiry’) that its inspection teams will use … Read More »





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