But H/2 Capital, a privately-owned hedge fund and property investor based in Stamford, Connecticut that has gradually bought up the majority of Four Seasons’ debt, countered with an alternative proposal that will see it take over ownership. Terra Firma will also inject £45m of new equity and will be left with just an 11% stake in the business. H/2 also intends to spend £25m on refurbishing some of Four Seasons’ 335 care homes and its 25 hospitals and specialist care centres, and set up a £15m bonus scheme for its 25,000 staff. Information revealed in the Paradise Papers reveals that Terra Firma hoped to extract £890m from the company by arranging costly loans from its own subsidiaries. He said Four Seasons staff were “more than capable of setting an example here, right across the social care community.

Source: The Guardian November 08, 2017 19:55 UTC