Money: US hedge fund plots Four Seasons care homes bid - PressFrom - United Kingdom
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MoneyUS hedge fund plots Four Seasons care homes bid

16:00  11 july  2019
16:00  11 july  2019 Source:   news.sky.com

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Four Seasons , which is responsible for 17,000 people, has buckled under state funding cuts and shortage of EU nurses.

Four Seasons failed to pay off a portion of debt owed to H/2 Capital Partners.

US hedge fund plots Four Seasons care homes bid © Imagebridge Four Seasons Health Care operates around 250 sites and employs approximately 22,000 people

An American hedge fund giant has waded into the auction of Britain's second biggest care home operator, setting up a potential tussle for control with another of the company's major creditors.

Sky News has learnt that Davidson Kempner Capital Management, which manages about $30bn (£24bn) in assets, has indicated plans to table a formal bid for the parent company of Four Seasons Health Care, which collapsed into administration in April.

Davidson Kempner, which acts as landlord to a number of Four Seasons properties, is understood to be serious about its interest in taking over the care home group, which trades from around 250 sites and employs approximately 22,000 people.

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A US hedge fund could be in line to pocket up to £500 million from the collapse of Four Seasons , Britain's second biggest care homes operator. Four Seasons , owned by Guy Hands' buyout vehicle Terra Firma, is struggling with £525 million of debt and faces a critical interest payment next week.

It was unclear on Thursday what value any offer from Davidson Kempner would attribute to the business.

The hedge fund declined to comment.

Its interest pits it against H/2 Capital Partners, which has long been seen as the likeliest buyer of Four Seasons given its position as a long-standing creditor to the company.

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Other bidders are understood to have lodged an interest in Four Seasons, although HC-One, its only larger rival in the UK, is understood not to be among them.

"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," a Four Seasons spokeswoman said.

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The care homes operator Four Seasons Health Care is on course for a stay of execution before a crunch debt deadline Four Seasons ’ largest creditor, US investment firm H/2 Capital Partners, is “Tory ministers need to come forward with an immediate funding solution, which was called for by the

Four Seasons Health Care was founded in 1988 by Scottish entrepreneur, Robert Kilgour and is an independent British provider of health and social care services. It also owns The Huntercombe Group, a provider of inpatient mental healthcare and brain injury rehabilitation aswell as care home operator

Alvarez & Marsal, which is handling the administration process, told creditors this week that it wanted to wrap up a sale by the end of September.

The insolvency is being closely watched in government and by thousands of Four Seasons residents and their families amid concerns about the future funding of social care.

Four Seasons had been owned by Terra Firma Capital Partners, the private equity vehicle headed by financier Guy Hands, since 2012.

Terra Firma paid £825m for the business, which still carries debts totalling about £730m after years of fruitless negotiations about a restructuring.

Its Four Seasons-branded division, which accounts for the majority of its operations, is largely funded from the public purse.

Brighterkind, a group subsidiary which has 46 care homes sites, is privately funded, while Huntercombe, which provides specialist mental healthcare for adults and children, operates from 23 sites.

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Hedge fund use of private exit polls attracts City watchdog. FCA says such data may be seen as inside information after funds profited at EU referendum. US hedge fund puts Britain's biggest care home operator up for sale. Four Seasons failed to pay off a portion of debt owed to H/2 Capital Partners.

Terra Firma has been in separate talks to offload a portfolio of 24 Brighterkind homes which are not part of the insolvency process to Patron Capital Partners, a real estate investor.

A string of deadlines to agree a long-term restructuring of Four Seasons passed before the company's collapse into administration.

The Care Quality Commission, the industry regulator, is closely watching events at the company, which come amid a slew of tough financial situations at leading privately held health care groups.

Another leading care home operator, Barchester Healthcare, has seen a deal to sell itself to Macquarie, the Australian infrastructure investor, collapse amid political and economic uncertainty in the UK.

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