US hedge fund buys up Four Seasons' debt with hopes of taking control of some properties, according to reports

The UK's largest care home provider is considering selling scores of its properties as it plans to trim its budget. Four Seasons Health Care is believed to be evaluating around 30 sites amid attempts to shore up its defences as a US hedge fund buys up large amounts of the British company's debt, according to reports. H/2 Capital Partners, which manages total assets of $11bn (£7.3bn), is hoping Four Seasons will be forced to cede control of some of its homes if its financial situation deteriorates, The Independent claimed. Four Seasons, which runs 470 sites containing more than 20,000 beds will be hit by the new national living wage, according to ratings agency Standard & Poor's. S&P said the company could run out of money next year as the higher wages it will be forced to pay combine with the Government's austerity measures. In a letter to George Osborne earlier this year, Four Seasons joined Bupa UK, HC-One, Care UK and Barchester in warning the extra costs would mean "thousands of older people could be left without a home".....Read more here