Four Seasons FD leaves
THE finance director of beleaguered care home group Four Seasons Health Care has left the company.
Nick Mitchell, who had been with the company more than five years and oversaw the first phase of restructuring the company’s £1.5bn debts last year, admitted that he had “mixed feelings” about leaving the group.
The news follows last month’s appointment of Gleacher Shacklock as the Wimslow-based company’s financial adviser, as it looks to restructure its remaining £790m debt pile.
Gleacher Shacklock is advising the Wilmslow-based group on its debt, as well as its “long term strategic development”.
Mr Mitchell said in a statement: “My time with Four Seasons Health Care has been challenging, exciting and rarely routine. It is valuable experience that I will always remember.
“I have mixed feelings about leaving, but the capital restructuring agreement was a significant achievement on which to bow out and I think now is the right time to look for another challenge.”
Four Seasons said: “Having met his commitment to take us through to the capital restructuring agreement reached with our lenders in December, he has decided to pursue other options. His colleagues on the senior management team wish him well.”
The company added there would be an announcement about a new finance director in due course.
Four Seasons’ remaining debt matures in September 2010, and it is understood that a sale could yet be on the cards.
It has a strong underlying business performance with EBITDA of over £100m and is one of the largest independent providers of care services in the UK, employing more than 21,000 staff and operating more than 400 nursing and care homes and specialised care centres.
