Four Seasons has withdrawn a sub-portfolio of care homes from a sale of 111 care freehold homes announced by its administrators in June 2022.

In an investor update last week, Four Seasons said that in light of the improved performance it intends to continue to operate approximately one-third of the homes to “secure ongoing incremental cash flow, maximise growth prospects for the homes and potentially increase the capital value”.

In a previous update in July, the care home operator said the sale process had “progressed well”.

The care home operator has in recent weeks entered into a number of sale and purchase agreements relating to the sale of the business and assets of 18 operating sites as well as two closed sites for an aggregate value of £41.2 million.

The transactions are expected to complete later this year.

Christie & Co, a leading advisory firm in the health and social care sector, is acting as sales advisor on the properties.

In its latest investor update, Four Seasons 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.