Four Seasons Health Care has entered into conditional sale and purchase agreements for the sale of 11 sites for £41.3 million.

Costs relating to these agreements are estimated to be in the region of £2 million, including costs in relation to the unwind of negative working capital of £1.5 million, broker fees of £0.3 million and certain legal costs of £0.2 million, joint administrators said in a statement.

Completion of the transactions is expected to complete later in 2023.

It is not yet clear which assets have been sold. A spokesperson says all homes in sales to date have been located throughout all regions of England and are not in Scotland or Jersey.

The sale is ongoing for over a year. In August, Four Seasons Health Care announced the withdrawal of one-third of the care homes from a larger sale comprising 111 care freehold homes. At that time, the group had entered into sale and purchase agreements pertaining to 18 operating sites and two closed sites, with a combined value of £41.2 million. The current sale is additional to those, the spokesperson confirmed.

In its latest investor update, the group announced EBITDA of £4.2 million in Q2 2023 up by £0.8 million on Q2 2022. Q2 2023 turnover at £71.9 million was £3.6 million higher than Q2 2022, after adjusting for revenue from homes closed, sold or migrated.

The sale process is being conducted by specialist property advisor Christie & Co.