• 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 »
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 »
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 »
Frontier Estates, a UK healthcare developer, has completed a pre-let and forward funding agreement of four premium retirement homes.
The four new schemes in Watford, Bedford, Flitwick and Letchworth will provide a total of 308 rooms for One Housing Group who have entered into new 30-year indexed leases on the properties which will be completed in 2019.
The deal cements One Housing’s expansion into the private care home sector with the development of their new, premium, private care home brand, Baycroft, a portfolio of luxury care homes, dementia facilities and senior villages throughout London and the South East.
The new developments have been forward funded by Aviva’s REALM fund for a total commitment of about £70m. Frontier were advised by Colliers International. Adam Lenton, Head of Healthcare for Colliers, said: “Working with John Knowles in our national capital markets team, we were delighted … Read More »
A family owned care home company is set for further expansion after agreeing a £26m financing package with its new banker.
Colten Care, which owns and operates 20 homes across the South of England, says it is planning to open a new home every couple of years following the deal with NatWest.
Work is already well-advanced on its 21st home, costing in excess of £10m, in Poole, Dorset, while a £1.5m ‘top to toe’ refurbishment has just been completed at its Canford Chase home in Branksome Park, also in Poole.
Colten Care chief executive Mark Aitchison said the new finance would allow the company to continue with its growth strategy of building new homes, while at the same time maintaining its current homes.
“Colten Care is different from many other companies in our sector,” said Mr Aitchison.
“We are a family owned company with no … Read More »
Shaw healthcare, an employee-owned care provider for elderly people, has agreed to sell a minority stake to Bridges Evergreen Holdings for £10m to accelerate its growth and development.
With 52 care homes across England, more than 3,500 employees and revenues of over £90m last year, Shaw healthcare is one of the ten largest employee-owned companies in the UK and will continue to be substantially owned by its employees for the long-term. The company enjoys strong relationships with local authorities and the NHS, from whom it derives over half of its income through long-term contracts.
Evergreen is a permanent capital vehicle managed by Bridges Fund Management, a specialist sustainable and impact investor. Unlike standard private equity funds, Evergreen has no requirement to exit in a finite period – allowing it to provide financial and operational support to Shaw over the long-term. As part … Read More »
Castleoak, Mike Parsons and Dutch operator in new venture to create Martha Flora UK
Established European specialist dementia care operator Martha Flora has joined forces with care sector development specialists Castleoak and operating partner Mike Parsons to create Martha Flora UK.
Amsterdam-based Martha Flora operates specialist boutique dementia care homes across the Netherlands with 13 homes currently open or under construction.
As part of the joint venture Castleoak will provide specialist land finding and acquisition services, will manage the planning process, and design and build the high quality specialist care homes. Care sector entrepreneur Mike Parsons and his team will commission and operate the new facilities and Martha Flora will provide the brand, intellectual property and operational support.
A new company Martha Flora UK Ltd has been established and will be jointly owned by the three parties, with development and construction partner Castleoak taking … Read More »
An apprenticeship scheme run by care home and retirement housing charity Anchor has been rated the best in the country.
Anchor, which is England’s largest not-for-profit provider of care and housing for older people, has come tops in the Rate My Apprenticeship Award, coming-in ahead of Virgin Media, Deloitte, Land Rover and BAE Systems.
The award saw apprentices from across the UK rate their apprenticeship, basing their views on how valued they feel, the support they get on programme, development opportunities and how much they earn.
“We’re incredibly honoured to be voted the number one employer of apprentices, especially as it is our apprentices’ feedback which has got us there,” said Katie Rankin, Anchor’s qualifications & apprenticeships manager.
“We’re passionate about developing future talent, giving young people the opportunity to gain new skills and make a real difference to older people’s lives. We’re extremely … Read More »
Work has begun on the construction of a 77- bed care home in Banstead, Surrey which will leased by care provider, Hallmark Care Homes.
The new home, which will provide residential and dementia care is being built at a cost of £8m across a one acre site by contractor Lawrence Baker and will be the care group’s first lease deal.
When opened the home will provide a spacious, luxurious and sociable environment where family members are encouraged to spend time in the home with their loved ones, participating in activities.
Facilities will include; a cinema, hairdressing salon, therapy room and café. Each bedroom will have an en-suite bathroom and most of those on the ground floor will have access to their own patio.
Other communal areas will include an interactive kitchen where residents can assist in the preparation of meals and gardens designed by … Read More »