Britain’s second biggest care home operator Four Seasons has appointed administrators to push through a sale in a last-ditch attempt to save the business that houses 17,000 residents.
The administration of two holding companies – which were set up by the care home chain’s former private equity owner, Terra Firma – will enable the US hedge fund that seized control to sell the business without any ongoing obligations.
Four Seasons, which employs 20,000 staff, will continue to operate as usual and is hoping to be sold by the end of the year, according to a stock exchange announcement on Tuesday.
