Four Seasons Health Care is carrying out a review of its finances after reporting its loss widened to £26m in Q2 from £17m in the year-earlier period.
The care home operator pays £50m a year in interest on debt, and will have to find £10m to meet costs relating to next year’s increase in minimum pay for over-25 year-olds to £7.20 an hour.
The company operates 450 care homes as well as 50 specialist hospital units. It is looking to make savings by delaying any plans to do up or extend its homes. In addition it is disposing of any loss-making homes.
The Daily Telegraph, p. 1, 8
The Guardian, p. 20
