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Four Seasons Deal 'Welcome Christmas Present'

Thursday, December 14, 2017

FOUR SEASONS FINANCIAL RESTRUCTURE WELCOME CHRISTMAS PRESENT FOR RESIDENTS AND STAFF SAYS GMB

The care sector as a whole is struggling due to inadequate funding from central government and local authorities – and more cash is needed to keep the sector out of crisis, says GMB.

GMB, the union for care home staff, says a Four Seasons financial restructuring agreement is a welcome Christmas present for residents and staff.

The care company looked to be in serious trouble with £26 million interest payment due tomorrow. [1]

But a deal struck between Four Season and its major creditor, H/2 Capital Partners, has ensured a standstill on the repayment while the restructuring takes place – providing much needed stability for staff and residents.

Sharon Wilde, GMB National Officer for Care, said:

“This deal is a very welcome Christmas present for Four Seasons staff and residents.

“Imagine heading into the festive period without knowing if your job is safe or if you will be forced to move home? 

“The care sector as a whole is struggling due to inadequate funding from central government and local authorities – and more cash is needed to keep the sector out of crisis.

"Thanks to this deal between Four Seasons and H/2 Capital Partners – our members now have some stability as we move into 2018.

"However GMB will continue to monitor the situation closely."

ENDS

Contact: GMB Press Office on 07958 156846 or at press.office@gmb.org.uk

Notes to editors

[1] http://www.bbc.co.uk/news/business-42350415
 

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