East Neuk care home in new management deal
A room at Earlsferry care home
NINE homes in Fife operated by Four Seasons Health Care, including one in the East Neuk, will soon be under new management.
Terra Firma, a leading private equity firm, has acquired the UK chain, featuring over 60 properties in Scotland, from Four Seasons, Britain’s largest independent elderly and specialist care provider.
Among the premises is Earlsferry House Care Home at Williamsburgh in Elie, which currently has 25 residents and around 32 staff.
The transaction should be completed on or before July 16 and the existing debt liabilities of Four Seasons – understood to be around £780 million, payable by September – will be discharged in full.
A spokesman said the takeover would mean no changes to the day-to-day running of the homes.
The company is being acquired for a total consideration of up to £825 million, which will be financed through a mixture of equity and new debt.
Four Seasons said that, during a period of financial uncertainty, it had achieved a turnaround in quality of care and business performance, and was trading profitably.
Guy Hands, chairman and chief investment officer of Terra Firma, said: “By investing new equity, Four Seasons’ debt has been very substantially reduced and Terra Firma has brought stability to the company.
“Our number one priority is to ensure Four Seasons delivers consistent high-quality care and peace of mind for residents, service users and their families.”
At Earlsferry, a converted two-floor private residence on two floors, there is “a high standard of quality nursing and social care” for physically frail older people and those with dementia, with a reange of suitable pursuits organised by personal activities staff.
Email to a friend
Print this page
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Kirkcaldy
Saturday 25 May 2013
Today
Sunny
Temperature: 6 C to 17 C
Wind Speed: 16 mph
Wind direction: South west
Tomorrow
Sunny spells
Temperature: 8 C to 17 C
Wind Speed: 15 mph
Wind direction: South west
