Wed, 26 Jun 2013 | BUSINESS SALE
NHP, the company behind the UK's third-largest residential care provider, HC-One, is considering a business sale.
Chairman Chai Patel and five other senior executives at the business will enjoy profits of up to £30 million if the sale of NHP – which is valued at £530 million – goes ahead.
At the moment there are a number of options on the table for the business and investment bankers are weighing up which will offer the best solution for creditors. The business has debts of around £1.35 billion and recouping these is a high priority.
Sources have told the Financial Times that a standard refinancing or a management buyout are also on the cards.
Jeremy Jensen, chief restructuring officer with NHP, told the paper: “I can confirm that we have interviewed five investment banks and are going through the process to appoint a bank to advise on the full range of future strategic options for NHP.”
NHP owns HC-One, which was established in 2011 in order to take over a third of the troubled Southern Cross care home property estate. The firm bought up a total of 241 homes and owns the freehold on a further 56 care properties, which it leases out to other operators.
The healthcare sector has undergone a massive reshuffle in the past few years as companies have struggled to cope with debt acquired in the years before the recession. The change in atmosphere has resulted in a number of sales, including the Royal Bank of Scotland's disposal of Four Seasons, the country's biggest care home provider, for £825 million, which it sold to Terra Firma.
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