Britain’s second biggest care home operator could abandon dozens of leases, claiming it can’t afford the rent.
Four Seasons, which runs 320 homes, has been in discussions with landlords since it stopped paying rent without warning a fortnight ago. Landlords have been asked to agree to steep rent cuts or forego any rent altogether.
On Friday Four Seasons confirmed that US hedge fund H/2, which holds most of its £735m debt, had bought its 185 freehold properties for £350m after a sales process failed to find an alternative bidder.
But the future of its 135 leasehold homes, which cost the care home operator around £50m a year in rent, remains unclear.
