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Four Seasons Care Homes Could Be Sold For “Knockdown Price”

Knight-FrankCare home provider Four Seasons, the UK’s second largest care provider could be sold for as little as £400m, according to a report in the Financial Times (FT)

According to the report Four Seasons has attracted a number of bids, and may be sold for an estimated figure of between £400m-£600m, possibly less than half the £825m the business was sold for in 2012.

Bidders are believed to include H2 Capital Partners, the company’s largest creditor, asset management and investment company, Cheyne Capital, US-based Davidson Kempner Capital Management and property investor, Roundhill Capital.

Julian Evans, Head of Healthcare at Knight Frank, said Four Seasons represented a “significant turnaround opportunity”.

The sale excludes 24 more profitable homes, which are owned by Terra Firma and are believed to be on the market for around £200m.

Property investor Patron Capital Partners and Renaissance Care, which is owned by Robert Kilgour, who founded Four Seasons 30 years ago are believed to be interested in the 24 homes.

The Four Seasons sale is being handled by BDO. Administrator Alvarez & Marsal has said it is hoping to have a deal by the end of the year.

A spokesperson for Four Seasons Health Care Group said: “We are very encouraged by the levels of interest and active engagement from bidders and reiterate that nothing has changed in terms of our aim that the process achieves a whole group solution. In the meantime, our highly professional colleagues continue to work hard to provide their usual quality care across our homes and hospitals.”

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