Waiting game for NI families as Four Seasons poised for administration
Care homes facing uncertain future
Thousands of elderly residents and their families face an anxious wait after reports UK care provider giant Four Seasons which has homes across Northern Ireland, is on the brink of administration.
It is understood, the company is set to appoint corporate underakers at Alvarez and Marsal to carry out the process following an aborted sale attempt.
Four Seasons currently has 55 homes throughout the province.
It provides accommodation for around 14,000 residents across the UK - and employs a workforce of 20,000.
However, the firm insists operations will be unaffected by the move.
Late last year, US hedge fund H2 Capital Partners, which effectively controls Four Seasons, ordered a sale of the crisis-hit company, which is struggling under a £525 million debt mountain.
The bulk of the debt is held by H2, which is run by Spencer Haber.
Only weeks ago, Four Seasons insisted that it had “sufficient operating liquidity'' to be able to complete the sale process.
A&M will now attempt to sell the group out of administration.
The failure of Four Seasons will cap a sorry saga for the group, which is still nominally owned by Guy Hands' private equity vehicle Terra Firma.
Terra Firma bought Four Seasons for £825 million in 2012 and has been forced to stomach a £450 million write-down on its investment.
There have been acute worries over Four Seasons' financial performance and debt pile for several years.
It has been stung by a cut in local authority fees, rising costs and the introduction of the national living wage, and the group has continuously warned over its long-term stability.