Four Seasons Health Care Administration Faced With Administration

Four Seasons Health Care, one of the largest nursing home groups in Britain, is about to be administered.

Two of the company's holding companies are expected to appoint directors Tuesday after struggling to repay their debts.

The group serves approximately 17,000 residents and patients and employs approximately 20,000 people.

If this happens, it would not affect the arrangements made for health care and would not result in the closure of houses.

According to Sky News, which for the first time announced the news, it would be the biggest bankruptcy of a nursing home business since Southern Cross in 2011.

Four Seasons Health Care announced the release of a statement Tuesday.

The professional services company Alvarez & Marsal (A & M) was chosen to manage the administration.

It is understood that while the holding companies – Elli Finance (United Kingdom) and Elli Investments – are about to collapse, the retirement home sector is not in itself.

The directors will seek to sell the group in the coming months, thus freeing it of its historical debts.

Four Seasons, which has 253 rest homes and nursing homes, has been struggling for several years to restructure its debt by more than £ 500 million.