Care homes firm for sale
Company battle £500million of debt
WHOLESALE gas prices jumped yesterday as colder weather blew in – raising the threat of more energy bill hikes.
The traded cost of gas for next-day delivery leapt more than three per cent to 65p per therm.
The spike came amid a plunge in temperatures, prompting households who can afford it to whack up the thermostat.
Home heating accounts for 40 per cent of Britain’s gas use. National Grid, tasked with getting gas around the country, stressed the system was well-supplied. The amount of gas coming from Norway via a major pipeline has leapt in recent days.
Energy giants blamed higher wholesale costs for price hikes. BRITAIN’S biggest care home operators have been put up for sale.
Four Seasons Health Care, who have 17,000 residents in 343 homes, have been battling with more than £500million of debts.
Most of that is owed to a US hedge fund called H/2 Capital Partners, run by secretive US financier Spencer Haber.
It means Haber, whose firm have been buying up Four Seasons’ debts, now control their future.
Four Seasons have kickstarted a possible sale of the group, who, as well as homes for the elderly, also provides mental health services.
Members of the board of Four Seasons’ parent company have been replaced.
In a statement, they said: “These changes have been made in furtherance of an independent sales process and facilitate such a process taking place.”
However, it is unclear what form the sale process will take and whether there will be buyers for all or part of the group. Crucially, it is also not known if H/2 will take part.
Insiders stressed that there was no need for residents and staff to worry as they would not be affected during the sale process.
Four Seasons have 25,000 employees and use hundreds of agency staff.
A sale could give the firm stability after years of uncertainty.
Four Seasons were bought in 2012 by equity firm Terra Firma, chaired by Guy Hands, in a debtfuelled £825million deal.
Terra Firma later offered Four Seasons to H/2 for a nominal £1.
The company have been hammered by rising costs and cuts to local authority fees paid for residents. Oil Royal Mail .............................360.9 +12.2 RSA ..........................................549.0 +7.6 RBS ..........................................230.1 +5.2 J Sainsbury...........................310.3 +5.5 SSE.......................................... 1152.5 +22.0 Severn Trent...................... 1866.0 +32.0 Serco..........................................95.6 -0.7 Sports Direct........................316.9 +3.7 Shell ......................................2469.5 +17.5 Sky 1728.0 +1.5 Smith & Nephew 1263.5 +5.5