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Connell C - LB Mar 2022

Christie & Co hired to advise on 111 Four Seasons homes sale

Administrators of care home operator Four Seasons Health Care have appointed specialist business property advisor Christie & Co to handle the sale of 111 freehold care homes trading under either the Four Seasons Health Care Group or brighterkind brands.

The sale process launch represents a “key milestone” in the group’s ongoing restructuring process, Christie & Co said, adding that Four Seasons Health Care has invested significantly in the estate over recent years and continues to do so in 2022.

The portfolio has a total of 6,054 beds. The majority of homes comprise more than 40 bedrooms, 80% of which have en-suite provision. A significant proportion of the homes for sale are purpose-built or have purpose-built extensions, with almost half offering scope for expansion, subject to planning, the advisor said.

Geographically, the portfolio comprises eight homes in the South East, four homes in the South West, 11 homes in London, nine homes in the East of England, 15 homes in the East Midlands, six homes in the West Midlands, 12 homes in Yorkshire, 16 homes in the North East, 14 homes in the North West, 14 homes in Scotland, and two homes in the Channel Islands.

According to Christie & Co, the portfolio will be of interest to corporate buyers and investors, regional groups, and SME operators all of whom are looking for growth opportunities via acquisition.

Joe O’Connor, interim chief executive of Four Seasons Health Care, said, “Our priority remains the continuity of care for all residents, and the group will work closely with Christie & Co, potential buyers, and other counterparties, as well as all relevant regulators, to ensure that the sales process and the transition of care homes to new ownership is seamless.”

The sale is being handled by Martin Gould and Michael Hodges at Christie & Co, who commented: “The sale presents a chance for the new owner to work with the fantastic existing staff at Four Seasons Health Care Group and to invest and improve on these brilliant homes, all the while ensuring continuity of care.”

Its Northern Ireland properties are not included in the sale and are about to be sold to in a separate transaction in July, according to a Sky News report.

Alvarez & Marsal was appointed as administrator to Four Seasons in April 2019. Private equity firm Terra Firma Capital Partners had owned the company since 2012.

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