Care home group Four Seasons Health Care (FSHC) has confirmed the sale of nine operational sites for a total of £16.1 million in cash, as reported in a statement issued jointly by the administrators and the group at the end of October.

Costs relating to these sales are in the region of £1.48 million, including costs in relation to the unwind of negative working capital of £1.13 million, broker fees of £0.13 million and certain legal costs of £0.22 million.

The group has repaid £23.1 million of its Super Senior Term Loan facility, the statement said.

A notice of partial payment to holders of the £350,000,000 of 8.750% Senior Secured Notes was also issued on 31 October. On 15 November the trustee in respect of the SSNs will make a partial payment to noteholders in an aggregate principal amount of £3,099,902.46 to be allocated pro rata across principal and interest, including default interest, the statement added.

As reported by Caring Times in October, Kingsley Healthcare Group acquired Catchpole Court Nursing Home and St Mary’s Care Home in East Anglia from FSCH. Newcastle upon Tyne-based property, care and leisure company Malhotra Group purchased another three FSCH homes located in Howdon, Morpeth and Blyth as reported earlier today.

The remaining four homes were individually sold to various buyers, according to a spokesperson but FSHC has chosen not to disclose any additional details.

Caring Times hears from well placed sources that more sales are expected to be announced on 20 November.

Christie & Co is handling the sale process.