Four Seasons Health Care has said the sale of its core portfolio of 111 freehold homes is expected to complete by late 2023.

In an investor update yesterday, Four Seasons said the sales process, which is being managed by Christie & Co, had “progressed well” since its last update in April. All non-core disposals of the business were completed in 2022.

“The group and its advisors, Christie & Co, remain actively engaged with potential purchasers currently, including on-going diligence, independent valuations are taking place, alongside contract negotiations and other dialogue,” Four Seasons said.

The care home business said it had entered into conditional sale and purchase agreements with three separate buyers relating to the sale of the business and assets of three operating sites in the group’s core portfolio over the last week.

Five leasehold homes have left the group since the last update, with Four Seasons continuing to hold discussions with landlords of the remaining four operational homes in its leasehold estate.

The group reported Q1 2023 EBITDA of £3.1 million compared with a loss of £1.5 million in Q1 2022.

Q1 2023 turnover was £3.8m higher than Q1 2022 at £70.2 million, after adjusting for revenue from homes closed, sold or migrated.