Four Seasons Health Care

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Four Seasons Health Care is a provider of health and social care services, with 322 residential and nursing care homes across the UK, Isle of Man and Jersey, making it the 2nd largest care home operator in the UK and one of the "Big Four" providers (HC-One 5%, Four Seasons Health Care Group 4%, Barchester and Care UK, by order of size). Four Seasons is run as 3 separate businesses:[1]

  • Four Seasons Health Care: provides care services with a particular focus on dementia.
  • Huntercombe Group: provides specialised services in mental health, brain injury and neurodisability, including 4 hospitals. Website
  • brighterkind, a premium care home arm, focuses on private (ie. self-funding) residential and nursing care. It has 70 care homes across the UK. Website

Four Seasons Health Care is in debt up to its eyeballs (£500m-plus), with H/2 Capital Partners LLC being the majority creditor, and very keen to sell it.ref Four Seasons defaulted on its repayments in Dec.2017,ref leading to a Restructuring Lock-Up Agreement in May.2018,ref and transfer of the ownership of the company to a new owner controlled by its majority creditors.AR-2017, p.24

May.2019: The Group joins the other members of the “Big Four” largest care home providers that are also currently being offered for sale; the FT reported the other members of the “Big Four” – which were put up for sale during the period April to July 2018 – were “struggling to find buyers as a result of a Brexit-related downturn in commercial property sales and a long-term decline in fees paid by local authorities for elderly care”.ref
The other members of the “Big Four” (HC-One, Barchester, Care UK) are already up for sale, together accounting for some 14% of care home beds. The dates the sales were announced were:

Company

Ownership

We cannot know, because the ultimate parents are all carefully stashed in Tax Havens. Four Seasons, in common with many private equity-owned firms, has a byzantine corporate structure. It is split into nearly 200 corporate entities, including some based in the Channel Islands and the Cayman Islands, making it almost impossible to thoroughly examine its finances. (Company Watch)[1]

Structure

UP: Terra Firma Holdings Ltd, OpenCorporates-sm.svg, reg. Guernsey Flag-Guernsey.svg

  • Elli Investments Ltd, OpenCorporates-sm.svg, reg. Guernsey Flag-Guernsey.svg
  • FSHC Group Holdings Ltd, OpenCorporates-sm.svg, reg. Guernsey Flag-Guernsey.svg
  • Fino Seniorco Ltd, reg. Cayman Islands Flag-Cayman-Islands.svg
    • Mericourt Ltd, intermediate holdco, OpenCorporates-sm.svg
      • brighterkind Health Care Group Ltd, holdco for 24 care home properties,[2] OpenCorporates-sm.svg
      • Four Seasons Health Care Group Treasury Ltd, central cost company, OpenCorporates-sm.svg
      • Four Seasons Health Care Holdings Ltd, investment in healthcare, OpenCorporates-sm.svg
      • Four Seasons Health Care (Central Services) Ltd, holdco, OpenCorporates-sm.svg
      • Four Seasons Health Care Ltd, OpenCorporates-sm.svg
        • Four Seasons Health Care (Capital) Ltd, holdco, OpenCorporates-sm.svg
          • Fife Healthcare Ltd, holdco,
          • Four Seasons (JRC) Ltd, care home operator,
          • Four Seasons Health Care Group Ltd, was Idun Healthcare Ltd, OpenCorporates-sm.svg
            • Four Seasons Group Holdings Ltd, OpenCorporates-sm.svg
              • Four Seasons Health Care (Scotland) Ltd, was Scotcare Group Ltd, OpenCorporates-sm.svg
              • Four Seasons Health Care (England) Ltd, reg. Isle of Man
              • Four Seasons Health Care (Isle of Man) Ltd, reg. Isle of Man
              • Four Seasons Health Care (Northern Ireland) Ltd, operator of healthcare facilities, reg. Isle of Man
              • FSHC Developments Ltd, trading company, reg. Isle of Man
              • FSHC Holdings Ltd, holdco, reg. Isle of Man
              • FSHC Management Services (CM) Ltd, trading company, [OC]
              • FSHC Management Services (Galashields) Ltd, trading company, [OC]
              • FSHC Management Services (Kings Reach) Ltd, trading company, reg. Isle of Man
              • FSHC Management Services (Saddle Mews) Ltd, trading company, reg. Isle of Man
              • FSHC Properties (Manor) Ltd, was Huntercombe Manor Ltd, OpenCorporates-sm.svg
              • FSHC Holdings (UK) Ltd, holdco, OpenCorporates-sm.svg
                • Arkroy Ltd, operator of healthcare facilities, reg. Isle of Man
              • Tamaris Healthcare (England) Ltd, was Quality Care Homes Ltd, OpenCorporates-sm.svg

Misc Stuff To Sort Out

  • Suffolk County Council and Care UK: https://www.carehomeprofessional.com/the-big-interview-andrew-knight-managing-director-care-uk/
  • Biggest investor in care homes is US real estate investment trust Welltower Inc, which invests in the construction or acquisition of homes for Signature Senior Lifestyle, Avery Healthcare, Sunrise Senior Living and its sister company Gracewell Healthcare. ref
  • HC-One - Dr Chai Patel, Chair of HC-One, which is also owned by private equity...ref, ref, ref
  • Robert Kilgour is a Scottish serial entrepreneur, investor and property developer who was the founder of Four Seasons Health Care in 1988. He left in 2000 (when Four Seasons had 101 care homes and 6,500 staff) and later made his final financial exit from the company in 2005. He is founder and chief executive of Dow Investments, now celebrating its 27th year, the founder and now chairman of Scottish care home operator, Renaissance Care (operators 12 homes), co-founder and director of video and security systems specialists, NW Systems Group, and founder shareholder and director of Kingdom FM Radio.ref Renaissance Care links: link, ref, ref, Renaissance Care (Scotland) Ltd (SC1900022)
  • Nov.2015: George Osborne warned about impact of imposing the living wage. Representatives of major groups including Bupa, Barchester, Care UK, HC-One and Four Seasons have written to the chancellor of the exchequer George Osborne demanding to be consulted on how the living wage will be implemented. They claim that the hourly rise to over £9 per hour by 2020 will mean every residential care bed will cost an additional £18. ref
  • Aug.2006: Llandudno's North Wales Medical Centre to close. Four Seasons Health Care bought the North Wales Medical Centre at the beginning of May 2005 as part of the acquisition of a larger care home company.ref
  • 2009: seized by creditors to whom it owed £1.3bn.
  • Another of the Big Four care home companies (indeed the largest), HC-One, also has a complex corporate structure but manages to dish out the dividend dosh despite declaring a loss every year ... ref, p.10
  • Southern Cross: ref, p.11, ref
  • Apr.2014: Care homes: how much profit should they make? (see also links within article) ref, ref
  • 10 June 2004: Lunacy has finally arrived in the City, says Alchemy chief 06 Jul 2004
  • May.2007: Are there reasons to be worried about the 'caretelization' of residential care? ref
  • Jan.2006: Ownership, Regulation and the Public Interest: The Case of Residential Care for Older People, link
  • Aug.2005: Public Ownership, Privatisation and Regulation: Social Welfare Counterfactuals for British Telecom. [wp.org/Documents/British-Telecom-Public-Ownership-Privatisation-etc.pdf]

Timelines

ToDo: Website.arch

https://huntercombe.com/

  • Apr.2020: 11 care homes were sold to tax haven company Barchester Healthcare, with plans to sell another 33 as going concerns.ref
  • Dec.2019: 44 care homes were handed over to rivals Roseberry, Harbour Healthcare, Belsize Healthcare and Barchester Healthcare.ref
  • Apr.2019: Administration: the Group announced that administrators – who were individual partners of Alvarez and Marsal Europe LLP – had been appointed to the holding companies that carried the Group’s debt, Elli Investments Ltd and Elli Finance (UK) plc.ref It added that the administrators, would, among other things, immediately commence the independent sales process.ref
  • ?date?: Also acq'd Bettercare
  • Apr.2019: Closed Whitchurch Care Home in Bristol following a damning inspection report .ref
  • Mar.2019: Closed Banks O’Dee care home in Aberdeen. ref,ref
  • voluntarily suspended new admissions at its Hilltop Manor care home in Stoke on Trent.ref
  • Closure of Clova House Care Home in Ripon, North Yorkshire. ref
  • Jul.2017: Sold Kings Reach Care Home in Ramsey, Isle of Man.ref,ref
  • Dec.2017: Target Healthcare REIT has announced the £31m acquisition of 3 care homes, in Hertfordshire, York and the Wirral. The York and Wirral 80-plus bed homes are operated by a subsidiary of Four Seasons Health Care Group.ref
  • Nov.2017: agreed to sell Millbrow Care Home in Widnes to Halton Borough Council. ref
  • Oct.2017: closure of its Morecambe Bay Care Home in Lancashire. ref
  • Aug.2017: Dove Court in Kettering, Northamptonshire closed.ref
  • Aug.2017: Langley Park Care Home in Durham are celebrating achieving an Outstanding CQC rating. CQC.ref
  • Jun.2017: plans to close Hollycroft Care Home in Ikley, West Yorkshire. ref
  • May.2017: Hornegarth House Care Home in Walsall, which provides nursing for up to 37 people, was placed in Special Measures by the CQC following an inspection in March.ref
  • closure of its Manor Park Care Home in Hartlepool. ref
  • Sept.2016: Chepstow’s Sedbury Park Care home, which houses 61 residents including people living with dementia, is expected to close in December.ref
  • Aug.2016: shutting down Oaklands in Moseley (pictured), Heath House in King’s Norton and Ivyhouse in West Heath, which hold a combined 95 residents and provide 162 jobs, the BBC reported.ref
  • Mar.2016: outsourced catering for 96 homes to Elior.ref
  • Jan.2016: Montrose Care Home will close.ref
  • Jan.2016: Garvagh in County Londonderry is to close after an expected sale fell through.ref
  • Jan.2016: Four Seasons finds a buyer for £20m chunk of its property portfolio. ref
  • Dec.2015: Four Seasons Health Care is closing 7 care homes in Northern Ireland because they cannot be run profitably. ref,ref Reached agreement with two firms earlier this month to sell its homes in Antrim and Ballynahinch.ref
  • Dec.2015: it was reported that the company had sold £20 million worth of properties to Monarch Alternative Capital, a US investment fund which claims to specialise in swooping on “distressed and bankrupt” companies.[6] ref > ref
  • Jun.2015: Turriff Care Home to be closed.ref
  • Nov.2013: Beach Court care home in Aberdeen set to close.ref
  • 2013: Hands decided to restructure Four Seasons in 2013, splitting it into three: a company handling publicly funded patients, a private paid division and a unit specialising in high acuity care.ref
  • Mar.2012: Crown Care Home in Harwell closed.ref

tmp a

  • Jul.2011: Care Principles Ltd, a provider of care for people with learning disabilities and mental health needs, was purchased by Four Seasons from Barclays Capital, the previous owner. Barclays retained ownership of the company’s properties, which Four Seasons will rent as the operator. Care Principles became part of The Huntercombe Group, Four Seasons' specialist care division.[2]
  • Aug.2007: Three Delta, which provides corporate finance services to the Delta Fund, announces the successful completion of the Delta Fund’s acquisition from the global private equity and venture capital company, 3i, of Care Principles, the leading UK specialist care provider for adults with learning disabilities and behavioural issues, for £270 million.ref todo Care Principles.arch
  • x
  •  ??: A debt-for-equity swap with Royal Bank of Scotland saw the bank take a 40% stake in the company in return for a near halving of the debt mountain.ref,ref
  • Dec.2017: Terra Firma is now only the nominal owner of the Group: the Group’s creditors, in particular H/2 Capital Partners, have taken effective control of the Group since December 2017 after a deal was made for a “standstill agreement” concerning a £26 million interest payment that was due.ref
  • Apr.2016: National Living Wage introduced.ref
  • Optimum Care, a care home operator with 17 homes, was acquired from Graphite Capital Management LLP.ref
  • AR-Dec.2013: IP = Mericourt Ltd; UP = Terra Firma Holdings Ltd, reg. Guernsey
  • Jan.2013: Allianz Capital Partners sold Four Seasons Healthcare to an investment fund of the Qatar Investment Authority.ref
  • Jul.2012: FSHC (Guernsey) Holdings Ltd sold FSHC (Jersey) Holdings Ltd to Elli Capital Ltd. All debt was cleared. UP = Elli Capital Ltd, reg. Guernsey.
  • Apr.2012: Terra Firma, the private equity group chaired by Guy Hands, agreed a £825m debt and equity deal for Four Seasons Health Care.ref,ref
  • 2011: Four Seasons became the UK's largest elderly care provider last year after acquiring 139 homes from its defunct rival Southern Cross.ref,ref, p.6
  • Jul.2011: Southern Cross collapsed, and control of its 750 care homes was taken over by their landlords.ref

NHP Ltd, its largest landlord with 250 homes, hired Dr Chai Patel, founder of healthcare investment group Court Cavendish and former CEO of the Priory Group, to form a new company "HC-One Ltd" to operate its 249 care homes.ref
Four Seasons Health Care founder Robert Kilgour, formed a partnership with the owners of 11 homes.ref

  • Jul.2010: Acquired the Care Principles business, which has 16 low and medium secure units for individuals detained under the Mental Health Act, and specialist residential care for adults with learning disabilities and personality disorders.ref
  • May.2010: Two further acquisitions: (a) Eton Square Healthcare leasehold business, has 7 leasehold care homes operating 500 beds. (b) the in-housing of 6 care homes and 2 specialised units, previously leased to Craegmoor Ltd - Speciality Care (REIT) Homes Ltd + Irvine Care Ltd.
  • Dec.2009: A financial restructuring agreed to swap debt for equity. The entire share capital of parent company, Fino Propco Holdco Ltd was acquired by FSHC (Guernsey) Holdings Ltd via a direct Jersey subsidiary FSHC (Jersey) Holdings Ltd.ref
  • Sept.2009: Restructuring, involving the exchange of ~$950m of debt for an equity stake. FSHC Jersey acquired Fino Propco Holdco Ltd and its subsids. IP = Mericourt Ltd. UP = FSHC (Guernsey) Holdings Ltd. Financial restructuring takes place in which debt is reduced to £780m from £1.5bn via a debt-for-equity swap. Royal Bank of Scotland is the company's largest shareholder with a stake of approximately 40%.ref
  •  ??Sept.2009: Royal Bank of Scotland took over ownership, in a debt-for-equity swap, designed to bear down on unaffordable debt levels. The Qatar Investment Authority abandoned control of the company, losing many £m in the process.ref,ref
  • 2008: QIA walks away from the deal while banks who have lent money write off £800m.ref £1.24bn of senior debt was due on 2 September 2008. The QIA, unable to refinance the debt, wrote off the value of its equity holding (£100m), effectively walking away. The banks that lent the money wrote off £800m. Hardest hit was RBS who led the consortium of 30 lenders who swapped the debt for a stake in Four Seasons.ref Good analysis of what happened here.
  • AR-Dec.2007: IP = Mericourt Ltd, following a merger of Fino GmbH with Mericourt Ltd. UP = Delta Commercial Property LP
  • Jun.2007: Sold Four Seasons NWMC Housing Ltd.
  • Dec.2006: Sold Maldcare Ltd and Leeland Ltd to Fino GmbH, a parent undertaking.
  • Aug.2006: Sold Mericourt Ltd to Fino SeniorCo Ltd, a parent undertaking.
  • Aug.2006: Acquired the trades and assets (excl. land + buildings) of 36 care homes from subsids of Rhyme (Jersey) Ltd.(note 17)
  • Aug.2006: Allianz Healthcare Beteiligungs GmbH (renamed to Healthcare Beteiligungs GmbH) was acquired by Fino GmbH, an intermediate holdco, headed by Delta Commercial Property LP, reg. Isle of Man.ref,ref + see this link
  • Aug.2006:
    Three-Delta-LLP.svgFlag-Qatar.svgDeals-All-Change.svg
    Sold to the sovereign wealth-fund, the Qatar Investment Authority.ref
  • Jun.2006: FSHC (UK) Ltd, a subsid, sold Huntercombe Manor Ltd to a subsid of Rhyme (Jersey) Ltd.
  • 2006: Qatar Investment Authority: Four Seasons incurred around £1.4bn of relatively short-term debt when it was bought by the Qatar Investment Authority in 2006, which borrowed the money to finance the deal. Following the financial crisis, the firm was unable to borrow money again in order to pay back - or re-finance - existing debts. Instead lenders, including the Royal Bank of Scotland, took ownership of the group in exchange for writing off £780m - or roughly half - of the debt it owed. ref Four Seasons is sold to Delta Commercial Property, an investment vehicle for Three Delta and backed by the Qatar Investment Authority.ref
  • Jul.2005: Four Seasons Health Care Ltd: the company changed its name.
  • Jun.2005: Acquired Rhyme (Jersey) Ltd's subsidiaries: Four Seasons 2000 Ltd, Alliance Care (Dale Homes) Ltd, Alliance Care (Woodside) Ltd, Alliance Care (Trendlewood) Ltd, Atlas Healthcare Ltd, The Focus Assessment and Rehabilitation Service Ltd.
  • Jun.2005: Sold Four Seasons Group Ltd + some subsidiaries to Rhyme (Jersey) Ltd. Raised debt to repay bank borrowings via loans against properties owned by FSHC Properties (BIR) Ltd, FSHC (SP) Ltd, FSHC Properties (CH2) Ltd, PHF (CHP) Ltd, PHF Reversions No.3 Ltd.
  • May.2005: BetterCare Group Ltd: 3i and management sold the hospital and care home business BetterCare Group to Four Seasons Health Care.ref,ref
  • Mar.2005: Annahilt Care Home acquired.
  • 2005: Hamilton Anstead left the business.
  • Aug.2004: Acquired the entire share capital of Four Seasons (JDM) Ltd, formerly Four Seasons Health Care Ltd.
  • Jul.2004: Allianz Capital Partners GmbH: Alchemy, the private equity business, sold the Four Seasons nursing home business to Germany's largest insurer, Allianz SE.ref,B'berg The business was seen as a prime target for venture capitalists.ref Alchemy and senior management made a lot of money.ref
  • Jun.2004: Rhyme (UK) Ltd was incorporated by its parent, Allianz Healthcare Beteiligungs GmbH, itself owned by Allianz SE.
  • 2004: A year before selling his final stake in Four Seasons, Robert Kilgour set up Renaissance Care,ref owning 75% via Kilgour's Edinburgh-based holdco Dow Investments, with management holding the remaining 25%.ref
  • 2002: Alchemy acquired Omega Worldwide and Principal Healthcare Finance Trust,ref,ref and added them to the group.ref
  • 2002: Alchemy provided an additional £25m to enable acquisition of Omega Worldwide and Principal Healthcare.
  • 2001: Alchemy provided an additional £5.4m to acquire additional care homes.
  • Jul.1999: The care home business was formed when Alchemy merged two separate care home companies, CrestaCare and Four Seasons Health. Since then, Alchemy has bought two more health groups to add to the company, Omega Worldwide Inc and Principal Healthcare Finance Ltd of Jersey (in which Omega already owned a 33% stake).ref,ref, ref Omega@Crunchbase, [Omega Website], Alchemy Partners LLP
  • Jul.1999: Alchemy Partners built the group with the acquisition of CrestaCare plc and Four Seasons Health Care Ltd (regno.3782935). Robert Kilgour left the company.ref
  • 1997: Robert Kilgour joined forces with Hamilton Anstead, MD of Takare plc.ref
  • 1988: Founded by Scottish entrepreneur Robert Kilgour. His first care home was launched in Kirkcaldy’s former Station Hotel.ref,ref,ref

  • In October 2018 H/2 Capital Partners replaced the management and put the business up for sale.[11]
  • In April 2019 the holding companies Elli Finance (UK) and Elli Investments were put into administration.[12]
  • Sept.2017: the Daily Telegraph reported that a legal mistake meant that bondholders had inadvertently already been given ownership of 71 private patients care homes and hence could not use them as security to raise extra money. A High court hearing led by the a major bondholder -the US hedge fund H/2 Capital Partners -was scheduled for April or June 2018 but the firm was unlikely to be able to restructure before then.[8] The following month the company warned it couldn't meet a £26m payment due in December without restructuring and if this was delayed the bondholders could potentially seize its assets of 360 nursing homes. This would probably lead to an intervention by the Care Quality Commission (CQC). A restructuring was planned for November and Four Seasons' owners would add 24 care homes in exchange for reduced and delayed repayments of 175m of bonds maturing in 2020.[9] In December the company narrowly avoided collapse after the principle bondholder agreed to wait until February 2018 for a restructuring proposal. According to the Telegraph the cause of the Four Season's problem is a 90% reduction in the number of EU nurses and a cut in state funding.[10]
  • Apr.2016: It reported a 39% drop in profits which was blamed on the cuts in the local government social care budget and the introduction of the UK living wage, although its average weekly care fees rose by 3.4 per cent. The company has net debt of £565 million, because Terra Firma borrowed heavily to fund the purchase in 2012. The business has to find annual interest payments of about £50 million. Earnings before interest, tax, debt and amortisation fell from £64.1 million in 2014 to £38.7 million in 2015. Its property portfolio has been revalued down by £224 million to £505 million and its credit rating has plummeted.[7]
  • Dec.2015: it was reported that the company had sold £20m worth of properties to Monarch Alternative Capital, a US investment fund which claims to specialise in swooping on “distressed and bankrupt” companies.[6]
  • Nov.2015: the company planned to sell 14 care homes as going concerns, and "a portfolio of homes currently run by 3rd party operators" to assist its liquidity problems, hoping to raise £60 million. It has £565 million worth of debt, with annual interest and rent obligations of about £110 million.[4] It later announced plans to close seven homes in Northern Ireland: Victoria Park and Stormont in Belfast; Antrim; Garvagh; Donaghcloney near Banbridge; Oakridge in Ballynahinch, County Down; Hamilton Court in Armagh.[5]
  • 2012: Four Seasons Health Care was bought by Terra Firma Capital Partners. It has 3 divisions: brighterkind with 70 private pay-focused care homes; Four Seasons which has around 300 homes; and The Huntercombe Group with around 35 specialist mental health facilities and around 25,000 staff. The underlying bond debt was bought by H/2 Capital Partners LLC which has investments in senior living or similar nursing homes in the US. Terra Firma has offered to give the company to them.[3]
  • Jul.2011: the Group had achieved substantial expansion without new borrowings, by acquiring the operations of Care Principles with 17 hospitals and homes – nearly doubling the size of FSHC’s specialist care business and 1,000 additional care home places (c. 6% growth) through acquisitions over the preceding year from Craegmoor and Eton Square Healthcare. As of Sept.2011 the group was expected to acquire over 100 care homes from the collapsed provider Southern Cross, which would make it the largest provider in the UK.[1] These include 54 owned by Loyd's Property.[2]
  • Dec.2009: the Group completed a financial restructuring with lenders – banks and other financial institutions – agreeing to swap about £780m debt for equity in the business, so becoming its new shareholders. Maturity of the remaining debt was extended to Sept.2012. Four Seasons was then trading profitably with an EBITDA of over £100m pa. Under Calveley’s leadership the quality of care performance changed from below sector average, to having 89% of its homes rated as good or excellent by the Care Quality Commission.
  • 2007: Peter Calveley was appointed CEO, and his senior management team were left to resolve debts of circa £1.5bn as a result of borrowings by its owners to buy the homes.
  • 2006: the company was acquired by Three Delta LLP, the investment fund backed by the state of Qatar, and further expanded. The acquisition was funded by debt which was readily available in a market where investors saw rising property prices and continuing demand for care for the elderly, much of it paid for by the public sector. However, the company was unable to pay its debts and with a downturn in the property markets was unable to refinance and the owners walked away, losing their investment.
  • 2004: The business was attractive to many suitors and was sold for £775m. Anstead ceased to be CEO in 2005.
  • There followed a rapid expansion programme for the business which transformed it within seven years into the largest care home operator in the UK (it was subsequently overtaken).
  • The size and fortunes of the business were then dramatically changed with the appointment by Chief Executive Robert Kilgour of Hamilton Anstead as Joint Chief Executive, (Robert subsequently left the company in early 2000 - 101 homes - and made his final financial exit from the company in 2005).
  • AR-Dec.1999: 89.2% stake held by Alchemy Partners Hominees Ltd on behalf of Alchemy Partners (Guernsey) Ltd.
  • Dec.1999: Four Seasons Health Care Ltd: changed its name.
  • Aug.1999: Four Seasons Group Ltd acquired, formerly Crestacare plc.
  • Jul.1999: Four Seasons Investments Ltd acquired.
  • Jul.1999: Fife Healthcare Ltd acquired, formerly Four Seasons Healthcare plc.
  • Jul.1999: Care Caters Ltd registered.Four Seasons (JDM) Ltd
  • May.1989: Opened its first care home, Station Court in Kirkcaldy, Fife, Scotland.
  • 1988: Founded by Scottish entrepreneur Robert Kilgour.

  • Four Seasons acquired Omega Worldwide of the US and Principal Healthcare (based in Jersey)
  • 1999: Four Seasons Healthcare and Crestacare merged.
  • Acquisition of the Focus Group which had four units in the North East of England. Four Seasons already held 49% ownership of the group and then bought out the remainder.

  • AR-Dec.2017: in May.2018, the group's major creditor H/2 Capital Partners entered into an agreement to restructure the group that will see ownership transfer to a new owner "controlled by certain of the group's creditors".
  • AR-Dec.2013: UP = Terra Firma Holdings Ltd, reg. Guernsey
  • AR-Dec.2011: in Jul.2012, FSHC (Guernsey) Holdings Ltd sold FSHC (Jersey) Holdings Ltd to Elli Capital Ltd (controlled by Terra Firma, ultimately controlled by Guy Hands)
  • AR-Dec.2009: UP = FSHC (Guernsey) Holdings Ltd, reg. Guernsey
  • AR-Dec.2005: Sale and Leaseback: all freehold assets were sold to related undertakings. IP = Four Seasons Group Holdings Ltd. UP = Delta. Aug.2006: Fino GmbH, a subsidiary of Delta Commercial Property LP (reg. IoM) acquired the entire shape capital of Healthcare Beteiligungs GmbH (was Allianz Healthcare Beteiligungs GmbH).

tmp x

  • Aug.2004: Allianz AG bought Four Seasons Health Care Ltd from Alchemy Partners.
  • Dec.2003: Omega Worldwide Inc sold its investment in Principal Healthcare Finance Trust
  • Sept.2002: Principal Healthcare Finance Trust were acquired. Omega established, owned in part, and provided management services to PHFT, a company that owns and leases nursing home and assisted living facilities.
  • Sept.2002: Omega Worldwide Inc was acquired. Omega is a Real Estate Investment Trust investing in and providing financing to the long-term care industry.ref
  • Jan.2001-Nov.2000: Acquisitions: 2 care facilities from Regency Homes Ltd in Cambridge; Osborne Court Nursing Home in Hertfordshire; Pellon Care Centre in Halifax; Marquis Court Nursing and Residential Care Home in Staffordshire; Ivyhouse Care Home in Birmingham; 3 care homes from Carlton Healthcare Properties Ltd; 4 care homes from Healthcare Holdings Ltd; Mount Lens Nursing Home in Belfast; Weston Park Care Centre in Cheshire.
  • Dec.1999: Four Seasons Health Care Ltd: Care Caters Ltd changed its name.
  • Nov.1999: Fife Nursing Homes Ltd: Four Seasons Nursing Homes Ltd changed its name.
  • Aug.1999: Care Caters Ltd acquired Four Seasons Group Ltd (was Crestacare plc).
  • Jul.1999: Care Caters Ltd acquired Fife Health Care Ltd (was Four Seasons Health Care plc).
  • Jun.1999: Care Caters LtdOC was established by Alchemy Partners (89.16%), Hamilton Anstead (7.65%), and Robert Kilgour (3.19%).
  • Jul.1997: A partnership was formed between Robert Dow Kilgour and Hamilton Anstead (MD of Takare plc, ex-MD of Care First Group plc) to enable a reorganised Four Seasons Nursing Homes Ltd to expand UK-wide. Sale and leasebacks for 3 care homes were entered into. (AR-Jun.1997)
  • AR-Jun.1995: UP = Four Seasons Health Care plc. Subsids = Fife Nursing Services Ltd (agency) and Four Seasons Developments Ltd,OC (property development company).
  • Jun.1993: Four Seasons Nursing Homes Ltd: Four Seasons Health Care Ltd changed its name.
  • May.1988: Four Seasons Health Care Ltd: RK Leisure Developments changed its name.
  • Mar.1987: RK Leisure Developments Ltd: Linden Hotel Ltd changed its name. In Sept.1987, a loan for £120,000 was taken out, with the Station Hotel in Kircaldy, Fife as security.
  • Jul.1982: Linden Hotel Ltd was incorporated.
Sources:

Fife Nursing Homes Ltd. Open Corporates, Companies House. Accessed Jun.2019. Four Seasons (JDM) Ltd. Open Corporates, Companies House. Accessed Jun.2019.


CrestaCare

  • https://beta.companieshouse.gov.uk/company/FC017124
  • AR-Dec.2005: in Jun.2005, the company's IP FSHC Properties (Holdings) Ltd, a subsid. of Rhyme (Jersey) Ltd, acquired the company from Four Seasons Health Care Holdings Ltd, a subsid. of Four Seasons Health Care Ltd.
Aug.2006 The entire share capital of Healthcare Beitiligungs GmbH, an intermediate parent company, was acquired by Fino GmbH, a subsid. of Delta Commercial Property LP, reg. IoM.
Jun.2005 Restructure + Refinance: Four Seasons Health Care Ltd (formerly Rhyme (UK) Ltd) and a related undertaking, Rhyme (Jersey) Ltd, repaid their debts via a company restructure and refinancing. The company remained a wholly-owned subsidiary of Allianz AG.
Aug.2004 Allianz AG: Alchemy Partners sold the Four Seasons Health Care group to Allianz Healthcare Beitiligungs GmbH, a subsidiary of Allianz AG.
Sept.2002 Omega Worldwide Inc: Four Seasons Health Care Ltd, the company's ultimate parent, acquired the entire share capital of Omega Worldwide Inc via its subsidiary Delta 1 Acquisition Inc.
Mar.2000-Oct.2001 Acquisitions: the group acquired the business and assets of Weston Park Centre, Heron House, March and Swan House, Osbourne Court Nursing Home, Pellon Care Centre, Marquis Court Nursing and Residential Care Home, Ivyhouse Care Home, 3 care homes from Carlton Healthcare Properties Ltd, and 4 care homes from Healthcare Holdings Ltd.
Sept.1999 Four Seasons Group Ltd: Crestacare changed its name.
Aug.1999 Crestacare was acquired by Four Seasons Health Care Holdings plc, itself owned by Four Seasons Health Care Ltd.
Jul.1999 Alchemy Partners: CrestaCare agreed to be purchased by "Carat Secre plc", a newly-formed Alchemy Partners company, because "it was the only way of ensuring value for shareholders". Carat Secre plc was renamed to Four Seasons Health Care Holdings plc in Dec.1999.[3] Existing shareholders were: Edinburgh Fund Managers plc, Fidelity Investment Services Ltd, Flemings Investment Management Ltd, Morgan Grenfell Asset Management Ltd, Norwich Union Investment Management Ltd, Phillips & Drew Fund Management Ltd, and Schroder Investment Management Ltd.[4]
1998 Private Finance Initiatives: a project with Lanarkshire Health Board for a 60-bed medically-led geriatric service and a 30-bed day hospital in Cumbernauld, Scotland was agreed.
Nov.1996 Private Finance Initiatives: Wandsworth Borough Council sold 3 modern residential homes, including the freehold. The homes had 150 residential beds and 103 day care centres. A 2nd PFI contract for 24 specialised beds with the Frenchay Healthcare NHS Trust was agreed.
Feb.1996 Huntercombe Manor Ltd, a facility which cooperated closely with Great Ormond Street Hospital, was acquired with financial backing from the British Linen Bank, which held a 1/3rd interest. The bank's stake was bought out in Mar.1999.
Jul.1994 Scotcare Group Ltd was acquired by Crestacare plc, bringing 50 facilities and 3,079 beds throughtout the UK. Scotcare was renamed to "Four Seasons Health Care (Scotland) Ltd" in Dec.1999.
Dec.1962 CrestaCare Ltd was incorporated in the Isle of Man.[5]
Beginnings: Crestacare was originally part of Cresta Holdings, a large conglomerate. It was Crestacare's involvement in a property development on the Isle of Man, which incorporated a nursing home, that led to their entering the nursing home market. Corporate planning led to acquisitioins of nursing homes in Ireland in 1989. At the same time, Crestacare began acquiring nursing homes in North East and North West England.[6]

[3] [4] [5] [6]

Omega Worldwide Inc

Omega Worldwide Inc provided asset management, management advisory services, equity and debt capital to the health care industry, principally in Europe and Pacific Rim. The company was located in Ann Arbor, Missouri.[7]
Aug.2002 Omega Worldwide agreed to be purchased by Four Seasons Health Care.[8]
Oct.1999 Omega Worldwide, through its wholly-owned subsidiary, Idun Health Care Ltd,OC acquired the operating subsidiaries of Tamaris plc, formerly Quality Care Homes Ltd, a nursing home operator.[9] The 48 subsidiaries acquired operated 119 nursing homes located throughout England, Scotland and Northern Ireland. Omega Worldwide also owned 33.375% of Principal Healthcare Finance Ltd, a corporation engaged in investing in long-term care facilities in the UK.[10]
Nov.1997 Omega Worldwide was founded by Essel Bailey as a public provider of healthcare finance in the UK and Australia.[11]

Care Principles Ltd

Care Principles was established in 1997 to provide assessment and treatment services for adults with learning disabilities and challenging behaviours. CQC, OC, Website.arch

  • 2016: Barclays sold all the investment properties to ??
  • Jul.2011: Four Seasons purchased Care Principles Ltd from Barclays Capital. Barclays retained ownership of the company’s properties, which Four Seasons will rent as the operator. Care Principles became part of The Huntercombe Group, Four Seasons' specialist care division.[2]
  • Jul.2011: CP Propco 1 Ltd: Care Principles Ltd changed its name. The company sold its business to Four Seasons, and leased its hospital and care home facilities to a 3rd party. The principal activity of the company became renting specialist facilitites. (UP: CP Topco Ltd, controlled by Barclays Bank plc.)
  • Jun.2009: restructure: Care Principles Holdings Ltd sold its shares in Care Principles Ltd to Care Principles Topco Ltd. Care Principles Topco Ltd, previously owned by CP Equity Co (UK) Ltd, was sold to CP Newco3 Ltd, reg Jersey.
  • Apr.2009: CP Equity Co (UK) Ltd was sold to Barclays Bank plc.
  • Aug.2008: Qatar Investment Authority has written off its equity stake in struggling UK care home group Four Seasons after protracted talks with its creditors including Royal Bank of Scotland, according to a source close to the company.
  • Jun.2008: The QIA took over Three Delta's entire portfolio of healthcare assets, including care home chains Four Seasons, Care Principles and Senad, plus NHP, a property business that owns the freeholds of other care homes.[12]
  • Jul.2007: Care Principles was sold by 3i to The Delta Fund,[13] to which Three Delta LLP provided corporate finance advisory services.[14] (Care Principles Topco Ltd was sold to Care Principles Bidco Ltd, a subsid of CP Equity Co (UK) Ltd.)
  • Apr.2005: Erminecare Ltd: shortly after the buyout, Care Principles Holdings Ltd acquired Erminecare,CH a provider of community-based specialist services for adults, operating 3 open hospitals and a care home with nursing, as well as domiciliary supported living service. The NHS and Social Services were the only customers.
  • Apr.2005: Management Buyout: 3i backed an MBO.
  • Mar.2005: The founders sold their stake in Care Principles Group Ltd to 3i (Care Principles Topco Ltd,OC).
  • Sept.2003: following a group restructure, IP = Care Principles Holdings Ltd; UP = Care Principles Group Ltd.
  • May.1997: Care Principles Ltd: a team of managers from General Healthcare Group plc approached 3i Group to help them build and run medium secure hospitals throughout the UK. 3i took a 38% stake in the business, transforming it from a start-up to a profitable healthcare services business.

refs

[2] [14] [13] [12]


(Three Delta: link, link, The Qatari Investment Authority has agreed to a deal to take control of one of the four companies from the Three Delta-advised funds through which it originally invested more than £3bn in four UK ... (paywall) link + link, link, link, link, CH )

Articles

  • Dec.12.2017: A shocking way to fund UK care homes. The ingredient at the centre of the Four Seasons affair is too much debt. Terra Firma, Guy HandsWikipedia-W.svg’ private equity firm, over-paid for the business in 2012 and loaded up with leverage and punishing interest payments it had to agree to find takers for the debt. Four Seasons is struggling to meet a £26m debt interest payment due on Friday. US hedge fund H/2 Capital Partners LLC bought up majority positions in both classes of debt; it will probably clean up at the expense of Terra Firma since, with a gentler debt structure, Four Seasons is a good business. Instead of long-term pension fund money that would happily build and own care homes for modest real returns, we have a high-stakes financial game in which players aim for fat rewards. The result is that control of the UK's biggest care homes operator will pass from a private equity outfit that made a bad bet on financial leverage to an opportunistic US hedge fund that hunts for junk bonds to buy at a discount. Nils Pratley, The Guardian.
  • May.06.2015: Four Seasons Health Care and Britain's social care crisis. Southern Cross Healthcare collapsed in 2011 under a mountain of debt - controlled by private equity firm Blackstone Group. The group finally folded, was broken up and its homes sold off to rival operators.
    Labour MP John Spellar, a vocal critic of private equity involvement in the care sector, said: "There are similarities with Southern Cross in the business model. Four Seasons has been loaded up with debt and the profits are going into repaying that debt and dividends, rather than going into care. The people who suffer are the patients." Ravender Sembhy, IBTimes.

References

  1. ^ In the spotlight: Four Seasons Health Care and Britain's social care crisis. "Four Seasons has been loaded up with debt and the profits are going into repaying that debt and dividends, rather than going into care. The people who suffer are the patients." Ravender Sembhy, {{{website}}}, May.06.2015.
  2. ^ a b c Four Seasons completes acquisition of Care Principle. Health Investor UK, Jul.12.2011.
  3. ^ a b CrestaCare goes private. This is Money, Jul.16.1999.
  4. ^ a b CrestaCare plc: Further re Offer. Investegate, Jul.16.1999.
  5. ^ a b Company Summary: our Seasons Group Limited. Isle of Man Goverment. Accessed Aug.10.2019.
  6. ^ a b The buyers: company profiles - Crestacare. Deep Dyve, Jan.01.1996.
  7. ^ Omega Worldwide Inc (OWWI) IPO. Nasdaq, Aug.04.1998.
  8. ^ Bailey Essel W Jr - "SC 13D/A" on 8/13/02 re: Omega Worldwide Inc. SEC Info, Aug.13.2002.
  9. ^ Tamaris plc, Final Results, etc. Investegate, Sept.21.2000.
  10. ^ Omega Worldwide Inc. ListOfCompanies.co.in, Feb.21.2012. Original archived
  11. ^ Meet the Board of Advisors: Essel Bailey. Oxford Companies. Accessed Aug.2019.
  12. ^ a b Three Delta moves into property. Helen Power, The Telegraph, Jun.09.2008.
  13. ^ a b Delta fund buys UK healthcare firm. Lynne Roberts, Arabian Business, Jul.31.2007.
  14. ^ a b 3i realises 10 year investment in Care Principles. 3i Group, Jul.30.2007.