Southern Cross last transfer of homes to Four Seasons

31 October 2011

71 SOUTHERN CROSS CARE HOMES TRANSFERRING TODAY TO FOUR SEASONS “JUMP FROM FRYING PAN INTO FIRE” AS NEW OPERATORS TAKE £8,408 PER RESIDENT A YEAR TO PAY INTEREST ON £790 MILLION LOANS AND RENTS

Authorities must establish how Four Seasons can pay debts of £750m due to be repaid next September and why Four Seasons are taking £161 per week meant to care for the residents to pay interests on these enormous debts

71 former Southern Cross Care Homes in the UK are being transferred to new operator Four Seasons today (31 October 2011). These are the final wave of the total of 139 Southern Cross care homes transferring to Four Seasons Healthcare across the UK by 31st October 2011.

The table in Notes to Editors 4 shows the full list of 139 Southern Cross care homes transferring to Four Seasons. Before this transfer Four Seasons had over 17,000 beds in 349 care homes in the UK and employed 21,184 staff.

The 2010 accounts for Four Seasons show that the turnover per occupied bed was £31,800 per year which was £611 per week. The accounts show that Four Seasons spent £8,408 per occupied bed on rents, other charges and interest payments on £790m loans. In the Notes to Editors 1 below is a GMB summary of what the accounts 2010 show. GMB has no access to the accounts of the holding companies registered off-shore in the Cayman Islands and in Guernsey.

GMB is calling on Government and the Care Quality Commission (CQC) to establish how Four Seasons Healthcare has the financial stability to avoid being the 'Son of Southern Cross'. Fitch the Rating Agency said many operators do not have enough assets to post bonds to be used if they crash as may be required by Government after the collapse of Southern Cross. (See note 2 below.)

Four Seasons Healthcare is from the same private equity background as Southern Cross which is due to go into administration at the end of November 2011. In 2008 there was a debt for equity swap as the then owners QIA walked away. Royal Bank of Scotland took a stake of just under 40% and wrote off £300m in loans. Overall, 30 lenders cut debts by over half to £780m which saved it from collapse. See notes to editors 3 for time line.

Justin Bowden, GMB Organiser for care staff in UK said, “GMB wants to warn families across the UK that the scene is set for Four Seasons Healthcare, and some other operators, to go the way of Southern Cross which now goes into administration.

GMB, the union for staff at homes that have transferred, fear that homes are “jumping from the frying pan into the fire” as Four Seasons Healthcare is saddled with debts of £790m and is taking £8,408 a year of the cash it gets from councils and residents to pay for care for residents to pay interest and rents instead.

Authorities must establish how Four Seasons can pay debts of £750m due to be repaid next September and why Four Seasons is using money meant to care for the residents to pay interests to offshore tax havens on these enormous debts instead.

Fitch the Rating Agency said many operators do not have enough assets to post bonds to be used if they crash as may be required by Government after collapse of Southern Cross. See note 2 below.

GMB is calling on all elected Councillors and MPs in the UK to defend the thousands of residents in Four Seasons care homes who have worked for and served this country all their lives. Unless they do then history will repeat itself. If Southern Cross was the original motion picture, Four Seasons are the sequel, and they're coming soon to a town near you.”

Ends

Contact: Justin Bowden, GMB National Officer on 07710 631351 or GMB officers in regions:

Jim McDermot, South East and South West on 07894 096586 or Amanda Gearing in West Midlands on 07957 265678, or Barry Fletcher in Scotland on 07921 885775 or Jon Smith in Yorkshire 07918 905615 or Kelly Andrews in Wales and Avon on 07980 753131 or Shaun Graham in London and Eastern on 07885 706 556, or Alan Perry in North West on 07974 018410 or Chris Jukes in Northern Region on 07870 176733 or Eamonn Coy in Northern Ireland on 07968 109355 or GMB Press Office: Rose Conroy on 07974 25812 or 020 7391 6755.

Notes to Editors:

1

Four Seasons Healthcare Ltd

Annual Accounts year ending 31 December 2010

Total beds 17,188

Occupancy rate 87.60%

Number of homes 349

Turnover £478.8m

Turnover per occupied bed £31,800

EBITDARM* £126.6m

EBITDARM per occupied bed £8,408

Number of staff 21,184

Staff costs £290.8m

Total assets less current liabilities £328.1m

*Earnings before interest, taxation, depreciation, amortisation, rent and management costs

2 Fitch: Care Home Providers Don't Have Capital for Government Deposit

14 Oct 2011 8:09 AM (EDT)

________________________________________

Fitch Ratings-London-14 October 2011: Fitch Ratings says a scheme requiring care home providers to post capital to prove their financial viability is unlikely to work because several large care home providers do not have sufficient cash reserves to post capital. The scheme is one option in a government discussion paper. Care home providers have suffered during the crisis from a fall in revenues caused by government spending cuts. At the same time, providers' costs have increased in line with inflation. Southern Cross defaulted because its revenues fell and its costs, particularly rents, increased. Southern Cross was particularly exposed because it rented 100% of the properties it used. Other large care home providers typically rent between 25% and 40% of their properties. Before the crisis, care home providers were sought after assets. The government-linked revenues were considered stable and robust and this made them ideal candidates for leveraged buyouts. The stable revenues meant the companies could be sold at high multiples to their enterprise values and were able to raise a large amount of debt. The drop in revenues and increasing uncertainty about future government policy has trigged a fall in the valuation of these companies and their ability to raise debt. Bupa is a well-capitalised firm and would therefore not suffer substantially from any requirement for higher capital. The company also has an advantage over some of its major peers in that it owns about 80% of its care homes and has the use of the group's financial power. Although less diversified on a geographical basis, the group has a 5% market share in the UK care homes market.

3 Timeline on Four Seasons Healthcare

• 1989 - Established by Scottish businessman, Robert Kilgour. His first care home launched in Kirkcaldy's former Station Hotel

• 1997 - Joined forces with Hamilton Anstead, MD of Takare PLC

• July 1999 –Alchemy Partners, headed by Jon Moulton, built the group with the acquisition of CrestaCare and Four Seasons Health Care. The deal was worth £133m in total with Alchemy providing £44.5m. Robert Kilgour left the company and Hamilton Anstead remained as sole Chief Executive.

• 2001 – Alchemy provided additional £5.4m to acquire additional care homes.

• 2002 – Alchemy provided additional £25m to enable acquisition of Omega Worldwide and Principal Healthcare

• August 2004 – Sold (through Goldman Sachs) to Allianz Capital Partners (advised by Dresdner Kleinwort Wasserstein) for £775m, significant gain with IRR of 41% and a multiplier of 4.3x. This deal saw 10 senior employees of Four Seasons get £30m. Alchemy made £200m

• 2005 - Hamilton Anstead left the business, Tony Heywood, former boss of Westminster Healthcare becomes Chief Executive

• September 2006 – Sold to a Delta Commercial Property, an investment vehicle for Three Delta and backed by the Qatar Investment Authority, for £1.47bn, with £1.3bn of debt and £100m of equity.

• 2007 - Dr Peter Calveley appointed Chief Executive

• 2008 – £1.24bn of senior debt due on 2 September 2008. The QIA, unable to refinance the debt, write of the value of its equity holding (£100m), effectively walking away. The banks that lent the money wrote off £800m. Hardest hit was RBS who led the consortium of 30 lenders who swapped the debt for a stake in Four Seasons. Others included Nationwide, Fortis, Credit Suisse, Marathon Asset Management, Cheyne Capital, Morgan Stanley, Goldman Sachs. Hatfield Philips International acted as adviser to all of the lenders. One Bondholder is Ignis, the investment management division of Hugh Osmond's Pearl.

• December 2009 – Financial Restructuring agreed to swap debt for equity. Deutsche Bank. Entire share capital of parent company, Fino Propco Holdco Ltd was acquired by FSHC (Guernsey) Holdings Ltd via a direct Jersey subsidiary FSHC (Jersey) Holdings Ltd.

• Currently £750m in debt, occupancy rate close to 90% (according to The Observer), a 2009 report by Four Seasons states £790m of debt and occupancy rate of 87.4%. RBS and funds in which RBS participates are the largest shareholder with about 38% of the group.

4

Four Seasons Healthcare homes transferred from Southern Cross

Those in red transferred 31 October 2011

Those in blue will transfer post 31 October 2011

Care home name	Address_1	Address_2	Address_3	Postcode
North East
Hallgarth N&R	Hallgarth Street	Durham	County Durham	DH1 3AY
Langley Park	Front Street	Langley Park	County Durham	DH7 9YY
St Helens	6 Manor Road	St Helens	County Durham	DL14 9DL
Durban House	Durban Street	Blyth	Northumberland	NE24 1PN
Sunningdale House	Dean Road	Hexham	Northumberland	NE46 1HW
Sunningdale Lodge	Dean Road	Hexham	Northumberland	NE46 1HW
Wansbeck	Church Avenue	West Sleekburn	Northumberland	NE62 5XE
Elizabeth Fleming	Hetton-le-Hole		Tyne & Wear	DH5 9DY
Stapleton House	32 Borough Road	Jarrow	Tyne & Wear	NE32 5XW
North West
Cypress Court	Broad Street	Crewe	Cheshire	CW1 3DH
St Oswalds House	12 Golborne Road	Winwick	Cheshire	WA2 8SZ
Broughton Court (Parklands)	67 Broom Lane	Salford	Greater Manchester	M7 4FF
Half Acre	Higher Ainsworth Road	Radcliffe	Greater Manchester	M26 4JH
Holly Court	8 Priory Grove	Off Lower Broughton Road	Greater Manchester	M7 2HT
Hulton Care (Middleton)	Clarke's Brow	Middleton	Greater Manchester	M24 6BW
Laburnum Court	8 Priory Grove	Off Lower Broughton Road	Greater Manchester	M7 2HT
Oakland (Moston)	134 Kenyon Lane	Moston	Greater Manchester	M40 9DH
Regency (Parklands)	140 Lily Hill Street	Whitefield	Greater Manchester	M45 7SG
Aarondale	Sunny Brow	Coppull	Lancashire	PR7 4PF
Brierfield House	Hardy Avenue	Brierfield	Lancashire	BB9 5RN
Downshaw Lodge	Downshaw Road	Ashton-under-Lyne	Lancashire	OL7 9QL
Heywood Court	Green Lane	Heywood	Lancashire	OL10 1NQ
Highfield Hall	Grane Road	Haslingden	Lancashire	BB4 5ES
Hill View	Hurst Lane	(off Cranshaw Street) Rawtenstall	Lancashire	BB4 7RA
Jonathan Grange	Micklehurst Road	Mossley	Lancashire	OL5 9JL
Priory Park	Priory Cresent	Penwotham	Lancashire	PR1 0AL
Bebington	165 Heath Road	Bebington	Merseyside	CH63 2HB
Edgeworth House (Church Road)	Church Road	Bebington	Merseyside	CH63 3DZ
Garden Lodge	Middlemas Hey	Netherley	Merseyside	L27 7AR
Highground	7 Waterford Road	Oxton	Merseyside	CH43 6US
Maple Lodge	Arncliffe Road	Liverpool	Merseyside	L25 9PA
Yorkshire and the Humber
Hesslewood	Ferriby Road	Hessle	East Riding of Yorkshire	HU13 0JB
Amethyst House (Old Rossington)	Sheep Bridge Lane	Doncaster	South Yorkshire	DN11 0EZ
Botham Hall	Botham Hall Road	Huddersfield	South Yorkshire	HD3 4RJ
Hartwell	117 Jumble Lane	Sheffield	South Yorkshire	S35 9XJ
Hemsworth Park	Wakefield Road	Wakefield	South Yorkshire	WF9 5EA
Stocksbridge	2a Haywood Lane	Sheffield	South Yorkshire	S36 2QE
The Lodge	Bridge Street	Sheffield	South Yorkshire	S21 1AL
Amelia House	Manor Lane	Rawcliffe	York	YO30 5UA
East Midlands
Brimington	73 Manor Road	Chesterfield	Derbyshire	S43 1NN
Kilburn (R&N)	Dale Park Avenue	Belper	Derbyshire	DE56 0PR
The Cedars / The Larches	16 Queens Drive	Ilkeston	Derbyshire	DE7 5GR
The Heights	Ankerbold Road	Chesterfield	Derbyshire	S42 6BX
The Vale	Castle Lane	Chesterfield	Derbyshire	S44 6PS
Whittington	40 Holland Road	Chesterfield	Derbyshire	S41 9HF
The Willows	14 The Lant	Shepshed	Leicestershire	LE12 9PD
Woodview	127 Lincoln Road	Lincoln	Lincolnshire	LN4 1NT
Pathfields Lodge and Greenfields Care Centre	290 Station Road	Irchester	Northamptonshire	NN29 7EY
Charnwood Court	24 Station Road	Carlton	Nottinghamshire	NG4 3AX
Churchfield	Off Churchfield Drive	Mansfield	Nottinghamshire	NG21 0BJ
Portland House / Hemsley House	113 & 146 Portland Road	Nottingham	Nottinghamshire	NG7 4HE
The Oaks / Little Oaks	172 London Road	Newark	Nottinghamshire	NG24 3JF
The Old Vicarage	Newcastle Avenue	Worksop	Nottinghamshire	S80 1NJ
The Sycamores / The Poplars	High Street	Warsop	Nottinghamshire	NG20 0AA
Tudor Grange	54 Main Road	Radcliffe-on-Trent	Nottinghamshire	NG12 2BP
Westwolds	4 Park Avenue	Nottingham	Nottinghamshire	NG14 5AF
West Midlands
Haunton Hall (Tamworth)	Haunton	Nr Tamworth	Staffordshire	B79 9HW
Park Lane	Park Lane	Knypersley	Stoke-on-Trent	ST8 7BG
Westfield Lodge	Weston Coyney Road	Weston Coyney	Stoke-on-Trent	ST3 6ES
Rugby	53 Clifton Road	Rugby	Warwickshire	CV21 3QE
Ashbourne	Lightwood Road	Dudley	West Midlands	DY1 2RS
Beeton Grange	50-55 Beeton Road	Winson Green	West Midlands	B18 4QD
Fernwood Court (Churchill Crt)	300-310 Wolverhampton Road West	Bentley	West Midlands	WS2 0DS
Heath House	81 Walkers Heath Road	Kings Norton	West Midlands	B38 0AN
Holbeche House	Wolverhampton Road	Kingswinford	West Midlands	DY6 7DA
Hornegarth House	204 Walsall Raod	Great Wyrley	West Midlands	WS6 6NQ
Keresley Wood	Tamworth Road	Keresley	West Midlands	CV7 8JG
Millwater	164-168 Waterloo Road	Yardley	West Midlands	B25 8LD
Milverton Gate (Stoke Lodge)	Dawson Road (off Aldermoor Lane)	Coventry	West Midlands	CV3 1FU
Oaklands	4 Oakland Road	Moseley	West Midlands	B13 9DN
Riverside (Kerry Hill)	Wolverhampton Road	Kingswinford	West Midlands	DY6 7DA
Rushall	204 Lichfield Road	Rushall	West Midlands	WS4 1SA
Selly Park	95A Oakfield Road	Selly Park	West Midlands	B29 7HW
The Gables	1595 Wolverhampton Road	Oldbury	West Midlands	B69 2BJ
The Royd	27 Selbourne Road	Handsworth Wood	West Midlands	B20 2DN
Wyncroft House	16 Moss Grove	Kingswinford	West Midlands	DY6 9HU
Eastern
Kirby House	135 West Street	Dunstable	Bedfordshire	LU6 1SG
Swiss Cottage	Plantation Road	Leighton Buzzard	Bedfordshire	LU7 3HU
Friday House	141 March Road	Wisbeck	Cambridgeshire	PE14 0LP
Midfield Lodge	Cambridge Road	Oakington	Cambridgeshire	CB4 5BG
Broome End (Pine End)	Pines Hill	Stansted Mountfitchet	Essex	CM24 8EX
Hopes Green	16 Brook Road	South Benfleet	Essex	SS7 5JA
Ladyville Lodge	Fen Lane	Upminster	Essex	RM14 3PR
Romford Grange	144 Collier Row Lame	Romford	Essex	RM5 3DU
Springbank	Heath Road	Clacton-on-Sea	Essex	CO16 0BX
Alexandra Care	46 Alexandra Road	Hemel Hempstead	Hertfordshire	HP2 5BP
St Germans House / Abbotsford	14 Lynn Road	Kings Lynn	Norfok	PE34 3DW
Barleycombe	Sudbury Road	Sudbury	Suffolk	CO10 9HE
London
Cedar Court	138 Lensbury Way	Abbey Wood	Bexley	SE2 9TA
Sunbridge	108 Hickory Close	Edmonton	Enfield	N9 7PZ
Marlborough Court	7 Copperfield Road	Thamesmead	Greenwich	SE28 8RB
Burgess Park	Picton Street	Camberwell	Southwark	SE5 7QH
South East
Hungerford	Wantage Road	Hungerford New Town	Berkshire	RG17 0PN
Murdoch House	1 Murdoch Road	Wokingham	Berkshire	RG40 2DL
Woodbury House	Jouldings Lane	Farley Hill	Berkshire	RG7 1UR
Chiltern Court	Aylesbury Road	Wendover	Buckinghamshire	HP22 6BD
Coombe Lodge	Nash Lee End	Wendover	Buckinghamshire	HP22 6BD
Bon Accord	79-81 New Church Road	Hove	East Sussex	BN3 4BB
Ashbourne Court	Salisbury Road	Andover	Hampshire	SP10 2JJ
Woodcot Lodge	12 Rowner Road	Gosport	Hampshire	PO13 0EW
Copper Beeches	5 Sylewood Close	Rochester	Kent	ME1 3LL
Longlands	Pound Lane	Cassington	Oxfordshire	OX29 4BN
Mill House	30 Bridge Street	Witney	Oxfordshire	OX28 1HY
The Albany	7 London Road	Headington	Oxfordshire	OX3 7SN
The Crown	High Street	Harwell	Oxfordshire	OX11 0EX
The Triangle	Old London Road	Wheatley	Oxfordshire	OX33 1XW
South West
Whitchurch	95 Bristol Road	Whitchurch	Bristol	BS14 0PS
Revelstoke Lodge (Boringdon Road)	Boringdon Road	Colebrook	Devon	PL7 4DZ
Kingswood	Wotton Road	Wotton-under-Edge	Gloucestershire	GL12 8RA
Wales
Valley View	Dan-y-coed	Cefn Hengoed	Caerphilly	CF82 7LP
Ty Hafod	Llantrisant Road	Capel Llanilltern	Cardiff	CF5 6JR
Red Rose	Park Road	Ebbw Vale	Gwent	NP23 6UP
The Rookery	Queen Square	Ebbw Vale	Gwent	NP23 6EF
Bargoed	Heol Fargoed	Bargoed	Mid Glamorgan	CF81 8PQ
Ty Eiren (Gelli Seren)	Parceiren	Porth	Mid Glamorgan	CF39 8EE
Ty Gwynno (Ty Marw Parc)	Hafod Lane	Pontypridd	Mid Glamorgan	CF37 2SD
Sedbury Park	Sedbury	Chepstow	Monmouthshire	NP16 7EY
Scotland
Banks O'Dee	Abbotswell Road	Tullos	Aberdeen	AB12 3AB
Bucksburn	Kepplehills Road	Bucksburn	Aberdeen	AB21 9SQ
Eastleigh	110 North Deeside Road	Peterculter	Aberdeen	AB14 0QB
Devanha Gardens	9 Polmiur Road	Aberdeen	Aberdeenshire	AB11 7SP
Maryfield East	9 Fonthill Road	Aberdeen	Aberdeenshire	AB11 6UN
Maryfield West	31 Queens Road	Aberdeen	Aberdeenshire	AB15 4ZN
Moorpark Place	Moorpark Place	School Road	Ayrshire	KA25 7LD
Abbeycourt	Blackhall Street	Paisley	Glasgow	PA1 1TN
Clarence Court	234 Crow Road	Broomhill	Glasgow	G11 7PD
Clyde Court	1 South Avenue	Clydebank	Glasgow	G81 2RW
Adam House	91c High Street	Dysart	Kirkcaldy	KY1 2UQ
Burlington Court	3 Stepps Road	Glasgow	Lanarkshire	G33 3NQ
Middleton Hall	69 Middleton Avenue	Uphall	West Lothian	EH52 5DQ
Northern Ireland
Castle Lodge (Orchard Manor)	7-9 Fennel Road	Antrim	County Antrim	BT41 4PB
Pond Park	2 Derriaghy Road	Lisburn	County Antrim	BT28 3SF
Rosemary Lodge	9 Fennel Road	Antrim	County Antrim	BT41 4PB
The Court (Ballymoney)	1A Queens Avenue	Ballymoney	County Antrim	BT53 6DF
The Model (Megaw Park)	1 Portrush Road	Ballymoney	County Antrim	BT53 6BX
Dunlarg	224 Armagh Road	Keady	County Armagh	BT60 3EW
Ardmaine	Fullerton Road	Newry	County Down	BT34 2AY
Longfield	2 Longfield Road	Eglinton	County Londonderry	BT47 3PY
Nightingale CC	34 Old Eglish Road	Dungannon	County Tyrone	BT71 7PA

71 SOUTHERN CROSS CARE HOMES TRANSFERRING TODAY TO FOUR SEASONS “JUMP FROM FRYING PAN INTO FIRE” AS NEW OPERATORS TAKE £8,408 PER RESIDENT A YEAR TO PAY INTEREST ON £790 MILLION LOANS AND RENTS

Authorities must establish how Four Seasons can pay debts of £750m due to be repaid next September and why Four Seasons are taking £161 per week meant to care for the residents to pay interests on these enormous debts

71 former Southern Cross Care Homes in the UK are being transferred to new operator Four Seasons today (31 October 2011). These are the final wave of the total of 139 Southern Cross care homes transferring to Four Seasons Healthcare across the UK by 31st October 2011.

The table in Notes to Editors 4 shows the full list of 139 Southern Cross care homes transferring to Four Seasons. Before this transfer Four Seasons had over 17,000 beds in 349 care homes in the UK and employed 21,184 staff.

The 2010 accounts for Four Seasons show that the turnover per occupied bed was £31,800 per year which was £611 per week. The accounts show that Four Seasons spent £8,408 per occupied bed on rents, other charges and interest payments on £790m loans. In the Notes to Editors 1 below is a GMB summary of what the accounts 2010 show. GMB has no access to the accounts of the holding companies registered off-shore in the Cayman Islands and in Guernsey.

GMB is calling on Government and the Care Quality Commission (CQC) to establish how Four Seasons Healthcare has the financial stability to avoid being the 'Son of Southern Cross'. Fitch the Rating Agency said many operators do not have enough assets to post bonds to be used if they crash as may be required by Government after the collapse of Southern Cross. (See note 2 below.)

Four Seasons Healthcare is from the same private equity background as Southern Cross which is due to go into administration at the end of November 2011. In 2008 there was a debt for equity swap as the then owners QIA walked away. Royal Bank of Scotland took a stake of just under 40% and wrote off £300m in loans. Overall, 30 lenders cut debts by over half to £780m which saved it from collapse. See notes to editors 3 for time line.

Justin Bowden, GMB Organiser for care staff in UK said, “GMB wants to warn families across the UK that the scene is set for Four Seasons Healthcare, and some other operators, to go the way of Southern Cross which now goes into administration.

GMB, the union for staff at homes that have transferred, fear that homes are “jumping from the frying pan into the fire” as Four Seasons Healthcare is saddled with debts of £790m and is taking £8,408 a year of the cash it gets from councils and residents to pay for care for residents to pay interest and rents instead.

Authorities must establish how Four Seasons can pay debts of £750m due to be repaid next September and why Four Seasons is using money meant to care for the residents to pay interests to offshore tax havens on these enormous debts instead.

Fitch the Rating Agency said many operators do not have enough assets to post bonds to be used if they crash as may be required by Government after collapse of Southern Cross. See note 2 below.

GMB is calling on all elected Councillors and MPs in the UK to defend the thousands of residents in Four Seasons care homes who have worked for and served this country all their lives. Unless they do then history will repeat itself. If Southern Cross was the original motion picture, Four Seasons are the sequel, and they're coming soon to a town near you.”

Ends

Contact: Justin Bowden, GMB National Officer on 07710 631351 or GMB officers in regions:

Jim McDermot, South East and South West on 07894 096586 or Amanda Gearing in West Midlands on 07957 265678, or Barry Fletcher in Scotland on 07921 885775 or Jon Smith in Yorkshire 07918 905615 or Kelly Andrews in Wales and Avon on 07980 753131 or Shaun Graham in London and Eastern on 07885 706 556, or Alan Perry in North West on 07974 018410 or Chris Jukes in Northern Region on 07870 176733 or Eamonn Coy in Northern Ireland on 07968 109355 or GMB Press Office: Rose Conroy on 07974 25812 or 020 7391 6755.

Notes to Editors:

1

Four Seasons Healthcare Ltd

Annual Accounts year ending 31 December 2010

Total beds 17,188

Occupancy rate 87.60%

Number of homes 349

Turnover £478.8m

Turnover per occupied bed £31,800

EBITDARM* £126.6m

EBITDARM per occupied bed £8,408

Number of staff 21,184

Staff costs £290.8m

Total assets less current liabilities £328.1m

*Earnings before interest, taxation, depreciation, amortisation, rent and management costs

2 Fitch: Care Home Providers Don't Have Capital for Government Deposit

14 Oct 2011 8:09 AM (EDT)

________________________________________

Fitch Ratings-London-14 October 2011: Fitch Ratings says a scheme requiring care home providers to post capital to prove their financial viability is unlikely to work because several large care home providers do not have sufficient cash reserves to post capital. The scheme is one option in a government discussion paper. Care home providers have suffered during the crisis from a fall in revenues caused by government spending cuts. At the same time, providers' costs have increased in line with inflation. Southern Cross defaulted because its revenues fell and its costs, particularly rents, increased. Southern Cross was particularly exposed because it rented 100% of the properties it used. Other large care home providers typically rent between 25% and 40% of their properties. Before the crisis, care home providers were sought after assets. The government-linked revenues were considered stable and robust and this made them ideal candidates for leveraged buyouts. The stable revenues meant the companies could be sold at high multiples to their enterprise values and were able to raise a large amount of debt. The drop in revenues and increasing uncertainty about future government policy has trigged a fall in the valuation of these companies and their ability to raise debt. Bupa is a well-capitalised firm and would therefore not suffer substantially from any requirement for higher capital. The company also has an advantage over some of its major peers in that it owns about 80% of its care homes and has the use of the group's financial power. Although less diversified on a geographical basis, the group has a 5% market share in the UK care homes market.

3 Timeline on Four Seasons Healthcare

• 1989 - Established by Scottish businessman, Robert Kilgour. His first care home launched in Kirkcaldy's former Station Hotel

• 1997 - Joined forces with Hamilton Anstead, MD of Takare PLC

• July 1999 –Alchemy Partners, headed by Jon Moulton, built the group with the acquisition of CrestaCare and Four Seasons Health Care. The deal was worth £133m in total with Alchemy providing £44.5m. Robert Kilgour left the company and Hamilton Anstead remained as sole Chief Executive.

• 2001 – Alchemy provided additional £5.4m to acquire additional care homes.

• 2002 – Alchemy provided additional £25m to enable acquisition of Omega Worldwide and Principal Healthcare

• August 2004 – Sold (through Goldman Sachs) to Allianz Capital Partners (advised by Dresdner Kleinwort Wasserstein) for £775m, significant gain with IRR of 41% and a multiplier of 4.3x. This deal saw 10 senior employees of Four Seasons get £30m. Alchemy made £200m

• 2005 - Hamilton Anstead left the business, Tony Heywood, former boss of Westminster Healthcare becomes Chief Executive

• September 2006 – Sold to a Delta Commercial Property, an investment vehicle for Three Delta and backed by the Qatar Investment Authority, for £1.47bn, with £1.3bn of debt and £100m of equity.

• 2007 - Dr Peter Calveley appointed Chief Executive

• 2008 – £1.24bn of senior debt due on 2 September 2008. The QIA, unable to refinance the debt, write of the value of its equity holding (£100m), effectively walking away. The banks that lent the money wrote off £800m. Hardest hit was RBS who led the consortium of 30 lenders who swapped the debt for a stake in Four Seasons. Others included Nationwide, Fortis, Credit Suisse, Marathon Asset Management, Cheyne Capital, Morgan Stanley, Goldman Sachs. Hatfield Philips International acted as adviser to all of the lenders. One Bondholder is Ignis, the investment management division of Hugh Osmond's Pearl.

• December 2009 – Financial Restructuring agreed to swap debt for equity. Deutsche Bank. Entire share capital of parent company, Fino Propco Holdco Ltd was acquired by FSHC (Guernsey) Holdings Ltd via a direct Jersey subsidiary FSHC (Jersey) Holdings Ltd.

• Currently £750m in debt, occupancy rate close to 90% (according to The Observer), a 2009 report by Four Seasons states £790m of debt and occupancy rate of 87.4%. RBS and funds in which RBS participates are the largest shareholder with about 38% of the group.

4

Four Seasons Healthcare homes transferred from Southern Cross

Those in red transferred 31 October 2011

Those in blue will transfer post 31 October 2011

Care home name	Address_1	Address_2	Address_3	Postcode
North East
Hallgarth N&R	Hallgarth Street	Durham	County Durham	DH1 3AY
Langley Park	Front Street	Langley Park	County Durham	DH7 9YY
St Helens	6 Manor Road	St Helens	County Durham	DL14 9DL
Durban House	Durban Street	Blyth	Northumberland	NE24 1PN
Sunningdale House	Dean Road	Hexham	Northumberland	NE46 1HW
Sunningdale Lodge	Dean Road	Hexham	Northumberland	NE46 1HW
Wansbeck	Church Avenue	West Sleekburn	Northumberland	NE62 5XE
Elizabeth Fleming	Hetton-le-Hole		Tyne & Wear	DH5 9DY
Stapleton House	32 Borough Road	Jarrow	Tyne & Wear	NE32 5XW
North West
Cypress Court	Broad Street	Crewe	Cheshire	CW1 3DH
St Oswalds House	12 Golborne Road	Winwick	Cheshire	WA2 8SZ
Broughton Court (Parklands)	67 Broom Lane	Salford	Greater Manchester	M7 4FF
Half Acre	Higher Ainsworth Road	Radcliffe	Greater Manchester	M26 4JH
Holly Court	8 Priory Grove	Off Lower Broughton Road	Greater Manchester	M7 2HT
Hulton Care (Middleton)	Clarke's Brow	Middleton	Greater Manchester	M24 6BW
Laburnum Court	8 Priory Grove	Off Lower Broughton Road	Greater Manchester	M7 2HT
Oakland (Moston)	134 Kenyon Lane	Moston	Greater Manchester	M40 9DH
Regency (Parklands)	140 Lily Hill Street	Whitefield	Greater Manchester	M45 7SG
Aarondale	Sunny Brow	Coppull	Lancashire	PR7 4PF
Brierfield House	Hardy Avenue	Brierfield	Lancashire	BB9 5RN
Downshaw Lodge	Downshaw Road	Ashton-under-Lyne	Lancashire	OL7 9QL
Heywood Court	Green Lane	Heywood	Lancashire	OL10 1NQ
Highfield Hall	Grane Road	Haslingden	Lancashire	BB4 5ES
Hill View	Hurst Lane	(off Cranshaw Street) Rawtenstall	Lancashire	BB4 7RA
Jonathan Grange	Micklehurst Road	Mossley	Lancashire	OL5 9JL
Priory Park	Priory Cresent	Penwotham	Lancashire	PR1 0AL
Bebington	165 Heath Road	Bebington	Merseyside	CH63 2HB
Edgeworth House (Church Road)	Church Road	Bebington	Merseyside	CH63 3DZ
Garden Lodge	Middlemas Hey	Netherley	Merseyside	L27 7AR
Highground	7 Waterford Road	Oxton	Merseyside	CH43 6US
Maple Lodge	Arncliffe Road	Liverpool	Merseyside	L25 9PA
Yorkshire and the Humber
Hesslewood	Ferriby Road	Hessle	East Riding of Yorkshire	HU13 0JB
Amethyst House (Old Rossington)	Sheep Bridge Lane	Doncaster	South Yorkshire	DN11 0EZ
Botham Hall	Botham Hall Road	Huddersfield	South Yorkshire	HD3 4RJ
Hartwell	117 Jumble Lane	Sheffield	South Yorkshire	S35 9XJ
Hemsworth Park	Wakefield Road	Wakefield	South Yorkshire	WF9 5EA
Stocksbridge	2a Haywood Lane	Sheffield	South Yorkshire	S36 2QE
The Lodge	Bridge Street	Sheffield	South Yorkshire	S21 1AL
Amelia House	Manor Lane	Rawcliffe	York	YO30 5UA
East Midlands
Brimington	73 Manor Road	Chesterfield	Derbyshire	S43 1NN
Kilburn (R&N)	Dale Park Avenue	Belper	Derbyshire	DE56 0PR
The Cedars / The Larches	16 Queens Drive	Ilkeston	Derbyshire	DE7 5GR
The Heights	Ankerbold Road	Chesterfield	Derbyshire	S42 6BX
The Vale	Castle Lane	Chesterfield	Derbyshire	S44 6PS
Whittington	40 Holland Road	Chesterfield	Derbyshire	S41 9HF
The Willows	14 The Lant	Shepshed	Leicestershire	LE12 9PD
Woodview	127 Lincoln Road	Lincoln	Lincolnshire	LN4 1NT
Pathfields Lodge and Greenfields Care Centre	290 Station Road	Irchester	Northamptonshire	NN29 7EY
Charnwood Court	24 Station Road	Carlton	Nottinghamshire	NG4 3AX
Churchfield	Off Churchfield Drive	Mansfield	Nottinghamshire	NG21 0BJ
Portland House / Hemsley House	113 & 146 Portland Road	Nottingham	Nottinghamshire	NG7 4HE
The Oaks / Little Oaks	172 London Road	Newark	Nottinghamshire	NG24 3JF
The Old Vicarage	Newcastle Avenue	Worksop	Nottinghamshire	S80 1NJ
The Sycamores / The Poplars	High Street	Warsop	Nottinghamshire	NG20 0AA
Tudor Grange	54 Main Road	Radcliffe-on-Trent	Nottinghamshire	NG12 2BP
Westwolds	4 Park Avenue	Nottingham	Nottinghamshire	NG14 5AF
West Midlands
Haunton Hall (Tamworth)	Haunton	Nr Tamworth	Staffordshire	B79 9HW
Park Lane	Park Lane	Knypersley	Stoke-on-Trent	ST8 7BG
Westfield Lodge	Weston Coyney Road	Weston Coyney	Stoke-on-Trent	ST3 6ES
Rugby	53 Clifton Road	Rugby	Warwickshire	CV21 3QE
Ashbourne	Lightwood Road	Dudley	West Midlands	DY1 2RS
Beeton Grange	50-55 Beeton Road	Winson Green	West Midlands	B18 4QD
Fernwood Court (Churchill Crt)	300-310 Wolverhampton Road West	Bentley	West Midlands	WS2 0DS
Heath House	81 Walkers Heath Road	Kings Norton	West Midlands	B38 0AN
Holbeche House	Wolverhampton Road	Kingswinford	West Midlands	DY6 7DA
Hornegarth House	204 Walsall Raod	Great Wyrley	West Midlands	WS6 6NQ
Keresley Wood	Tamworth Road	Keresley	West Midlands	CV7 8JG
Millwater	164-168 Waterloo Road	Yardley	West Midlands	B25 8LD
Milverton Gate (Stoke Lodge)	Dawson Road (off Aldermoor Lane)	Coventry	West Midlands	CV3 1FU
Oaklands	4 Oakland Road	Moseley	West Midlands	B13 9DN
Riverside (Kerry Hill)	Wolverhampton Road	Kingswinford	West Midlands	DY6 7DA
Rushall	204 Lichfield Road	Rushall	West Midlands	WS4 1SA
Selly Park	95A Oakfield Road	Selly Park	West Midlands	B29 7HW
The Gables	1595 Wolverhampton Road	Oldbury	West Midlands	B69 2BJ
The Royd	27 Selbourne Road	Handsworth Wood	West Midlands	B20 2DN
Wyncroft House	16 Moss Grove	Kingswinford	West Midlands	DY6 9HU
Eastern
Kirby House	135 West Street	Dunstable	Bedfordshire	LU6 1SG
Swiss Cottage	Plantation Road	Leighton Buzzard	Bedfordshire	LU7 3HU
Friday House	141 March Road	Wisbeck	Cambridgeshire	PE14 0LP
Midfield Lodge	Cambridge Road	Oakington	Cambridgeshire	CB4 5BG
Broome End (Pine End)	Pines Hill	Stansted Mountfitchet	Essex	CM24 8EX
Hopes Green	16 Brook Road	South Benfleet	Essex	SS7 5JA
Ladyville Lodge	Fen Lane	Upminster	Essex	RM14 3PR
Romford Grange	144 Collier Row Lame	Romford	Essex	RM5 3DU
Springbank	Heath Road	Clacton-on-Sea	Essex	CO16 0BX
Alexandra Care	46 Alexandra Road	Hemel Hempstead	Hertfordshire	HP2 5BP
St Germans House / Abbotsford	14 Lynn Road	Kings Lynn	Norfok	PE34 3DW
Barleycombe	Sudbury Road	Sudbury	Suffolk	CO10 9HE
London
Cedar Court	138 Lensbury Way	Abbey Wood	Bexley	SE2 9TA
Sunbridge	108 Hickory Close	Edmonton	Enfield	N9 7PZ
Marlborough Court	7 Copperfield Road	Thamesmead	Greenwich	SE28 8RB
Burgess Park	Picton Street	Camberwell	Southwark	SE5 7QH
South East
Hungerford	Wantage Road	Hungerford New Town	Berkshire	RG17 0PN
Murdoch House	1 Murdoch Road	Wokingham	Berkshire	RG40 2DL
Woodbury House	Jouldings Lane	Farley Hill	Berkshire	RG7 1UR
Chiltern Court	Aylesbury Road	Wendover	Buckinghamshire	HP22 6BD
Coombe Lodge	Nash Lee End	Wendover	Buckinghamshire	HP22 6BD
Bon Accord	79-81 New Church Road	Hove	East Sussex	BN3 4BB
Ashbourne Court	Salisbury Road	Andover	Hampshire	SP10 2JJ
Woodcot Lodge	12 Rowner Road	Gosport	Hampshire	PO13 0EW
Copper Beeches	5 Sylewood Close	Rochester	Kent	ME1 3LL
Longlands	Pound Lane	Cassington	Oxfordshire	OX29 4BN
Mill House	30 Bridge Street	Witney	Oxfordshire	OX28 1HY
The Albany	7 London Road	Headington	Oxfordshire	OX3 7SN
The Crown	High Street	Harwell	Oxfordshire	OX11 0EX
The Triangle	Old London Road	Wheatley	Oxfordshire	OX33 1XW
South West
Whitchurch	95 Bristol Road	Whitchurch	Bristol	BS14 0PS
Revelstoke Lodge (Boringdon Road)	Boringdon Road	Colebrook	Devon	PL7 4DZ
Kingswood	Wotton Road	Wotton-under-Edge	Gloucestershire	GL12 8RA
Wales
Valley View	Dan-y-coed	Cefn Hengoed	Caerphilly	CF82 7LP
Ty Hafod	Llantrisant Road	Capel Llanilltern	Cardiff	CF5 6JR
Red Rose	Park Road	Ebbw Vale	Gwent	NP23 6UP
The Rookery	Queen Square	Ebbw Vale	Gwent	NP23 6EF
Bargoed	Heol Fargoed	Bargoed	Mid Glamorgan	CF81 8PQ
Ty Eiren (Gelli Seren)	Parceiren	Porth	Mid Glamorgan	CF39 8EE
Ty Gwynno (Ty Marw Parc)	Hafod Lane	Pontypridd	Mid Glamorgan	CF37 2SD
Sedbury Park	Sedbury	Chepstow	Monmouthshire	NP16 7EY
Scotland
Banks O'Dee	Abbotswell Road	Tullos	Aberdeen	AB12 3AB
Bucksburn	Kepplehills Road	Bucksburn	Aberdeen	AB21 9SQ
Eastleigh	110 North Deeside Road	Peterculter	Aberdeen	AB14 0QB
Devanha Gardens	9 Polmiur Road	Aberdeen	Aberdeenshire	AB11 7SP
Maryfield East	9 Fonthill Road	Aberdeen	Aberdeenshire	AB11 6UN
Maryfield West	31 Queens Road	Aberdeen	Aberdeenshire	AB15 4ZN
Moorpark Place	Moorpark Place	School Road	Ayrshire	KA25 7LD
Abbeycourt	Blackhall Street	Paisley	Glasgow	PA1 1TN
Clarence Court	234 Crow Road	Broomhill	Glasgow	G11 7PD
Clyde Court	1 South Avenue	Clydebank	Glasgow	G81 2RW
Adam House	91c High Street	Dysart	Kirkcaldy	KY1 2UQ
Burlington Court	3 Stepps Road	Glasgow	Lanarkshire	G33 3NQ
Middleton Hall	69 Middleton Avenue	Uphall	West Lothian	EH52 5DQ
Northern Ireland
Castle Lodge (Orchard Manor)	7-9 Fennel Road	Antrim	County Antrim	BT41 4PB
Pond Park	2 Derriaghy Road	Lisburn	County Antrim	BT28 3SF
Rosemary Lodge	9 Fennel Road	Antrim	County Antrim	BT41 4PB
The Court (Ballymoney)	1A Queens Avenue	Ballymoney	County Antrim	BT53 6DF
The Model (Megaw Park)	1 Portrush Road	Ballymoney	County Antrim	BT53 6BX
Dunlarg	224 Armagh Road	Keady	County Armagh	BT60 3EW
Ardmaine	Fullerton Road	Newry	County Down	BT34 2AY
Longfield	2 Longfield Road	Eglinton	County Londonderry	BT47 3PY
Nightingale CC	34 Old Eglish Road	Dungannon	County Tyrone	BT71 7PA

71 SOUTHERN CROSS CARE HOMES TRANSFERRING TODAY TO FOUR SEASONS “JUMP FROM FRYING PAN INTO FIRE” AS NEW OPERATORS TAKE £8,408 PER RESIDENT A YEAR TO PAY INTEREST ON £790 MILLION LOANS AND RENTS

Authorities must establish how Four Seasons can pay debts of £750m due to be repaid next September and why Four Seasons are taking £161 per week meant to care for the residents to pay interests on these enormous debts

71 former Southern Cross Care Homes in the UK are being transferred to new operator Four Seasons today (31 October 2011). These are the final wave of the total of 139 Southern Cross care homes transferring to Four Seasons Healthcare across the UK by 31st October 2011.

The table in Notes to Editors 4 shows the full list of 139 Southern Cross care homes transferring to Four Seasons. Before this transfer Four Seasons had over 17,000 beds in 349 care homes in the UK and employed 21,184 staff.

The 2010 accounts for Four Seasons show that the turnover per occupied bed was £31,800 per year which was £611 per week. The accounts show that Four Seasons spent £8,408 per occupied bed on rents, other charges and interest payments on £790m loans. In the Notes to Editors 1 below is a GMB summary of what the accounts 2010 show. GMB has no access to the accounts of the holding companies registered off-shore in the Cayman Islands and in Guernsey.

GMB is calling on Government and the Care Quality Commission (CQC) to establish how Four Seasons Healthcare has the financial stability to avoid being the 'Son of Southern Cross'. Fitch the Rating Agency said many operators do not have enough assets to post bonds to be used if they crash as may be required by Government after the collapse of Southern Cross. (See note 2 below.)

Four Seasons Healthcare is from the same private equity background as Southern Cross which is due to go into administration at the end of November 2011. In 2008 there was a debt for equity swap as the then owners QIA walked away. Royal Bank of Scotland took a stake of just under 40% and wrote off £300m in loans. Overall, 30 lenders cut debts by over half to £780m which saved it from collapse. See notes to editors 3 for time line.

Justin Bowden, GMB Organiser for care staff in UK said, “GMB wants to warn families across the UK that the scene is set for Four Seasons Healthcare, and some other operators, to go the way of Southern Cross which now goes into administration.

GMB, the union for staff at homes that have transferred, fear that homes are “jumping from the frying pan into the fire” as Four Seasons Healthcare is saddled with debts of £790m and is taking £8,408 a year of the cash it gets from councils and residents to pay for care for residents to pay interest and rents instead.

Authorities must establish how Four Seasons can pay debts of £750m due to be repaid next September and why Four Seasons is using money meant to care for the residents to pay interests to offshore tax havens on these enormous debts instead.

Fitch the Rating Agency said many operators do not have enough assets to post bonds to be used if they crash as may be required by Government after collapse of Southern Cross. See note 2 below.

GMB is calling on all elected Councillors and MPs in the UK to defend the thousands of residents in Four Seasons care homes who have worked for and served this country all their lives. Unless they do then history will repeat itself. If Southern Cross was the original motion picture, Four Seasons are the sequel, and they're coming soon to a town near you.”

Ends

Contact: Justin Bowden, GMB National Officer on 07710 631351 or GMB officers in regions:

Jim McDermot, South East and South West on 07894 096586 or Amanda Gearing in West Midlands on 07957 265678, or Barry Fletcher in Scotland on 07921 885775 or Jon Smith in Yorkshire 07918 905615 or Kelly Andrews in Wales and Avon on 07980 753131 or Shaun Graham in London and Eastern on 07885 706 556, or Alan Perry in North West on 07974 018410 or Chris Jukes in Northern Region on 07870 176733 or Eamonn Coy in Northern Ireland on 07968 109355 or GMB Press Office: Rose Conroy on 07974 25812 or 020 7391 6755.

Notes to Editors:

1

Four Seasons Healthcare Ltd

Annual Accounts year ending 31 December 2010

Total beds 17,188

Occupancy rate 87.60%

Number of homes 349

Turnover £478.8m

Turnover per occupied bed £31,800

EBITDARM* £126.6m

EBITDARM per occupied bed £8,408

Number of staff 21,184

Staff costs £290.8m

Total assets less current liabilities £328.1m

*Earnings before interest, taxation, depreciation, amortisation, rent and management costs

2 Fitch: Care Home Providers Don't Have Capital for Government Deposit

14 Oct 2011 8:09 AM (EDT)

________________________________________

Fitch Ratings-London-14 October 2011: Fitch Ratings says a scheme requiring care home providers to post capital to prove their financial viability is unlikely to work because several large care home providers do not have sufficient cash reserves to post capital. The scheme is one option in a government discussion paper. Care home providers have suffered during the crisis from a fall in revenues caused by government spending cuts. At the same time, providers' costs have increased in line with inflation. Southern Cross defaulted because its revenues fell and its costs, particularly rents, increased. Southern Cross was particularly exposed because it rented 100% of the properties it used. Other large care home providers typically rent between 25% and 40% of their properties. Before the crisis, care home providers were sought after assets. The government-linked revenues were considered stable and robust and this made them ideal candidates for leveraged buyouts. The stable revenues meant the companies could be sold at high multiples to their enterprise values and were able to raise a large amount of debt. The drop in revenues and increasing uncertainty about future government policy has trigged a fall in the valuation of these companies and their ability to raise debt. Bupa is a well-capitalised firm and would therefore not suffer substantially from any requirement for higher capital. The company also has an advantage over some of its major peers in that it owns about 80% of its care homes and has the use of the group's financial power. Although less diversified on a geographical basis, the group has a 5% market share in the UK care homes market.

3 Timeline on Four Seasons Healthcare

• 1989 - Established by Scottish businessman, Robert Kilgour. His first care home launched in Kirkcaldy's former Station Hotel

• 1997 - Joined forces with Hamilton Anstead, MD of Takare PLC

• July 1999 –Alchemy Partners, headed by Jon Moulton, built the group with the acquisition of CrestaCare and Four Seasons Health Care. The deal was worth £133m in total with Alchemy providing £44.5m. Robert Kilgour left the company and Hamilton Anstead remained as sole Chief Executive.

• 2001 – Alchemy provided additional £5.4m to acquire additional care homes.

• 2002 – Alchemy provided additional £25m to enable acquisition of Omega Worldwide and Principal Healthcare

• August 2004 – Sold (through Goldman Sachs) to Allianz Capital Partners (advised by Dresdner Kleinwort Wasserstein) for £775m, significant gain with IRR of 41% and a multiplier of 4.3x. This deal saw 10 senior employees of Four Seasons get £30m. Alchemy made £200m

• 2005 - Hamilton Anstead left the business, Tony Heywood, former boss of Westminster Healthcare becomes Chief Executive

• September 2006 – Sold to a Delta Commercial Property, an investment vehicle for Three Delta and backed by the Qatar Investment Authority, for £1.47bn, with £1.3bn of debt and £100m of equity.

• 2007 - Dr Peter Calveley appointed Chief Executive

• 2008 – £1.24bn of senior debt due on 2 September 2008. The QIA, unable to refinance the debt, write of the value of its equity holding (£100m), effectively walking away. The banks that lent the money wrote off £800m. Hardest hit was RBS who led the consortium of 30 lenders who swapped the debt for a stake in Four Seasons. Others included Nationwide, Fortis, Credit Suisse, Marathon Asset Management, Cheyne Capital, Morgan Stanley, Goldman Sachs. Hatfield Philips International acted as adviser to all of the lenders. One Bondholder is Ignis, the investment management division of Hugh Osmond's Pearl.

• December 2009 – Financial Restructuring agreed to swap debt for equity. Deutsche Bank. Entire share capital of parent company, Fino Propco Holdco Ltd was acquired by FSHC (Guernsey) Holdings Ltd via a direct Jersey subsidiary FSHC (Jersey) Holdings Ltd.

• Currently £750m in debt, occupancy rate close to 90% (according to The Observer), a 2009 report by Four Seasons states £790m of debt and occupancy rate of 87.4%. RBS and funds in which RBS participates are the largest shareholder with about 38% of the group.

4

Four Seasons Healthcare homes transferred from Southern Cross

Those in red transferred 31 October 2011

Those in blue will transfer post 31 October 2011

Care home name	Address_1	Address_2	Address_3	Postcode
North East
Hallgarth N&R	Hallgarth Street	Durham	County Durham	DH1 3AY
Langley Park	Front Street	Langley Park	County Durham	DH7 9YY
St Helens	6 Manor Road	St Helens	County Durham	DL14 9DL
Durban House	Durban Street	Blyth	Northumberland	NE24 1PN
Sunningdale House	Dean Road	Hexham	Northumberland	NE46 1HW
Sunningdale Lodge	Dean Road	Hexham	Northumberland	NE46 1HW
Wansbeck	Church Avenue	West Sleekburn	Northumberland	NE62 5XE
Elizabeth Fleming	Hetton-le-Hole		Tyne & Wear	DH5 9DY
Stapleton House	32 Borough Road	Jarrow	Tyne & Wear	NE32 5XW
North West
Cypress Court	Broad Street	Crewe	Cheshire	CW1 3DH
St Oswalds House	12 Golborne Road	Winwick	Cheshire	WA2 8SZ
Broughton Court (Parklands)	67 Broom Lane	Salford	Greater Manchester	M7 4FF
Half Acre	Higher Ainsworth Road	Radcliffe	Greater Manchester	M26 4JH
Holly Court	8 Priory Grove	Off Lower Broughton Road	Greater Manchester	M7 2HT
Hulton Care (Middleton)	Clarke's Brow	Middleton	Greater Manchester	M24 6BW
Laburnum Court	8 Priory Grove	Off Lower Broughton Road	Greater Manchester	M7 2HT
Oakland (Moston)	134 Kenyon Lane	Moston	Greater Manchester	M40 9DH
Regency (Parklands)	140 Lily Hill Street	Whitefield	Greater Manchester	M45 7SG
Aarondale	Sunny Brow	Coppull	Lancashire	PR7 4PF
Brierfield House	Hardy Avenue	Brierfield	Lancashire	BB9 5RN
Downshaw Lodge	Downshaw Road	Ashton-under-Lyne	Lancashire	OL7 9QL
Heywood Court	Green Lane	Heywood	Lancashire	OL10 1NQ
Highfield Hall	Grane Road	Haslingden	Lancashire	BB4 5ES
Hill View	Hurst Lane	(off Cranshaw Street) Rawtenstall	Lancashire	BB4 7RA
Jonathan Grange	Micklehurst Road	Mossley	Lancashire	OL5 9JL
Priory Park	Priory Cresent	Penwotham	Lancashire	PR1 0AL
Bebington	165 Heath Road	Bebington	Merseyside	CH63 2HB
Edgeworth House (Church Road)	Church Road	Bebington	Merseyside	CH63 3DZ
Garden Lodge	Middlemas Hey	Netherley	Merseyside	L27 7AR
Highground	7 Waterford Road	Oxton	Merseyside	CH43 6US
Maple Lodge	Arncliffe Road	Liverpool	Merseyside	L25 9PA
Yorkshire and the Humber
Hesslewood	Ferriby Road	Hessle	East Riding of Yorkshire	HU13 0JB
Amethyst House (Old Rossington)	Sheep Bridge Lane	Doncaster	South Yorkshire	DN11 0EZ
Botham Hall	Botham Hall Road	Huddersfield	South Yorkshire	HD3 4RJ
Hartwell	117 Jumble Lane	Sheffield	South Yorkshire	S35 9XJ
Hemsworth Park	Wakefield Road	Wakefield	South Yorkshire	WF9 5EA
Stocksbridge	2a Haywood Lane	Sheffield	South Yorkshire	S36 2QE
The Lodge	Bridge Street	Sheffield	South Yorkshire	S21 1AL
Amelia House	Manor Lane	Rawcliffe	York	YO30 5UA
East Midlands
Brimington	73 Manor Road	Chesterfield	Derbyshire	S43 1NN
Kilburn (R&N)	Dale Park Avenue	Belper	Derbyshire	DE56 0PR
The Cedars / The Larches	16 Queens Drive	Ilkeston	Derbyshire	DE7 5GR
The Heights	Ankerbold Road	Chesterfield	Derbyshire	S42 6BX
The Vale	Castle Lane	Chesterfield	Derbyshire	S44 6PS
Whittington	40 Holland Road	Chesterfield	Derbyshire	S41 9HF
The Willows	14 The Lant	Shepshed	Leicestershire	LE12 9PD
Woodview	127 Lincoln Road	Lincoln	Lincolnshire	LN4 1NT
Pathfields Lodge and Greenfields Care Centre	290 Station Road	Irchester	Northamptonshire	NN29 7EY
Charnwood Court	24 Station Road	Carlton	Nottinghamshire	NG4 3AX
Churchfield	Off Churchfield Drive	Mansfield	Nottinghamshire	NG21 0BJ
Portland House / Hemsley House	113 & 146 Portland Road	Nottingham	Nottinghamshire	NG7 4HE
The Oaks / Little Oaks	172 London Road	Newark	Nottinghamshire	NG24 3JF
The Old Vicarage	Newcastle Avenue	Worksop	Nottinghamshire	S80 1NJ
The Sycamores / The Poplars	High Street	Warsop	Nottinghamshire	NG20 0AA
Tudor Grange	54 Main Road	Radcliffe-on-Trent	Nottinghamshire	NG12 2BP
Westwolds	4 Park Avenue	Nottingham	Nottinghamshire	NG14 5AF
West Midlands
Haunton Hall (Tamworth)	Haunton	Nr Tamworth	Staffordshire	B79 9HW
Park Lane	Park Lane	Knypersley	Stoke-on-Trent	ST8 7BG
Westfield Lodge	Weston Coyney Road	Weston Coyney	Stoke-on-Trent	ST3 6ES
Rugby	53 Clifton Road	Rugby	Warwickshire	CV21 3QE
Ashbourne	Lightwood Road	Dudley	West Midlands	DY1 2RS
Beeton Grange	50-55 Beeton Road	Winson Green	West Midlands	B18 4QD
Fernwood Court (Churchill Crt)	300-310 Wolverhampton Road West	Bentley	West Midlands	WS2 0DS
Heath House	81 Walkers Heath Road	Kings Norton	West Midlands	B38 0AN
Holbeche House	Wolverhampton Road	Kingswinford	West Midlands	DY6 7DA
Hornegarth House	204 Walsall Raod	Great Wyrley	West Midlands	WS6 6NQ
Keresley Wood	Tamworth Road	Keresley	West Midlands	CV7 8JG
Millwater	164-168 Waterloo Road	Yardley	West Midlands	B25 8LD
Milverton Gate (Stoke Lodge)	Dawson Road (off Aldermoor Lane)	Coventry	West Midlands	CV3 1FU
Oaklands	4 Oakland Road	Moseley	West Midlands	B13 9DN
Riverside (Kerry Hill)	Wolverhampton Road	Kingswinford	West Midlands	DY6 7DA
Rushall	204 Lichfield Road	Rushall	West Midlands	WS4 1SA
Selly Park	95A Oakfield Road	Selly Park	West Midlands	B29 7HW
The Gables	1595 Wolverhampton Road	Oldbury	West Midlands	B69 2BJ
The Royd	27 Selbourne Road	Handsworth Wood	West Midlands	B20 2DN
Wyncroft House	16 Moss Grove	Kingswinford	West Midlands	DY6 9HU
Eastern
Kirby House	135 West Street	Dunstable	Bedfordshire	LU6 1SG
Swiss Cottage	Plantation Road	Leighton Buzzard	Bedfordshire	LU7 3HU
Friday House	141 March Road	Wisbeck	Cambridgeshire	PE14 0LP
Midfield Lodge	Cambridge Road	Oakington	Cambridgeshire	CB4 5BG
Broome End (Pine End)	Pines Hill	Stansted Mountfitchet	Essex	CM24 8EX
Hopes Green	16 Brook Road	South Benfleet	Essex	SS7 5JA
Ladyville Lodge	Fen Lane	Upminster	Essex	RM14 3PR
Romford Grange	144 Collier Row Lame	Romford	Essex	RM5 3DU
Springbank	Heath Road	Clacton-on-Sea	Essex	CO16 0BX
Alexandra Care	46 Alexandra Road	Hemel Hempstead	Hertfordshire	HP2 5BP
St Germans House / Abbotsford	14 Lynn Road	Kings Lynn	Norfok	PE34 3DW
Barleycombe	Sudbury Road	Sudbury	Suffolk	CO10 9HE
London
Cedar Court	138 Lensbury Way	Abbey Wood	Bexley	SE2 9TA
Sunbridge	108 Hickory Close	Edmonton	Enfield	N9 7PZ
Marlborough Court	7 Copperfield Road	Thamesmead	Greenwich	SE28 8RB
Burgess Park	Picton Street	Camberwell	Southwark	SE5 7QH
South East
Hungerford	Wantage Road	Hungerford New Town	Berkshire	RG17 0PN
Murdoch House	1 Murdoch Road	Wokingham	Berkshire	RG40 2DL
Woodbury House	Jouldings Lane	Farley Hill	Berkshire	RG7 1UR
Chiltern Court	Aylesbury Road	Wendover	Buckinghamshire	HP22 6BD
Coombe Lodge	Nash Lee End	Wendover	Buckinghamshire	HP22 6BD
Bon Accord	79-81 New Church Road	Hove	East Sussex	BN3 4BB
Ashbourne Court	Salisbury Road	Andover	Hampshire	SP10 2JJ
Woodcot Lodge	12 Rowner Road	Gosport	Hampshire	PO13 0EW
Copper Beeches	5 Sylewood Close	Rochester	Kent	ME1 3LL
Longlands	Pound Lane	Cassington	Oxfordshire	OX29 4BN
Mill House	30 Bridge Street	Witney	Oxfordshire	OX28 1HY
The Albany	7 London Road	Headington	Oxfordshire	OX3 7SN
The Crown	High Street	Harwell	Oxfordshire	OX11 0EX
The Triangle	Old London Road	Wheatley	Oxfordshire	OX33 1XW
South West
Whitchurch	95 Bristol Road	Whitchurch	Bristol	BS14 0PS
Revelstoke Lodge (Boringdon Road)	Boringdon Road	Colebrook	Devon	PL7 4DZ
Kingswood	Wotton Road	Wotton-under-Edge	Gloucestershire	GL12 8RA
Wales
Valley View	Dan-y-coed	Cefn Hengoed	Caerphilly	CF82 7LP
Ty Hafod	Llantrisant Road	Capel Llanilltern	Cardiff	CF5 6JR
Red Rose	Park Road	Ebbw Vale	Gwent	NP23 6UP
The Rookery	Queen Square	Ebbw Vale	Gwent	NP23 6EF
Bargoed	Heol Fargoed	Bargoed	Mid Glamorgan	CF81 8PQ
Ty Eiren (Gelli Seren)	Parceiren	Porth	Mid Glamorgan	CF39 8EE
Ty Gwynno (Ty Marw Parc)	Hafod Lane	Pontypridd	Mid Glamorgan	CF37 2SD
Sedbury Park	Sedbury	Chepstow	Monmouthshire	NP16 7EY
Scotland
Banks O'Dee	Abbotswell Road	Tullos	Aberdeen	AB12 3AB
Bucksburn	Kepplehills Road	Bucksburn	Aberdeen	AB21 9SQ
Eastleigh	110 North Deeside Road	Peterculter	Aberdeen	AB14 0QB
Devanha Gardens	9 Polmiur Road	Aberdeen	Aberdeenshire	AB11 7SP
Maryfield East	9 Fonthill Road	Aberdeen	Aberdeenshire	AB11 6UN
Maryfield West	31 Queens Road	Aberdeen	Aberdeenshire	AB15 4ZN
Moorpark Place	Moorpark Place	School Road	Ayrshire	KA25 7LD
Abbeycourt	Blackhall Street	Paisley	Glasgow	PA1 1TN
Clarence Court	234 Crow Road	Broomhill	Glasgow	G11 7PD
Clyde Court	1 South Avenue	Clydebank	Glasgow	G81 2RW
Adam House	91c High Street	Dysart	Kirkcaldy	KY1 2UQ
Burlington Court	3 Stepps Road	Glasgow	Lanarkshire	G33 3NQ
Middleton Hall	69 Middleton Avenue	Uphall	West Lothian	EH52 5DQ
Northern Ireland
Castle Lodge (Orchard Manor)	7-9 Fennel Road	Antrim	County Antrim	BT41 4PB
Pond Park	2 Derriaghy Road	Lisburn	County Antrim	BT28 3SF
Rosemary Lodge	9 Fennel Road	Antrim	County Antrim	BT41 4PB
The Court (Ballymoney)	1A Queens Avenue	Ballymoney	County Antrim	BT53 6DF
The Model (Megaw Park)	1 Portrush Road	Ballymoney	County Antrim	BT53 6BX
Dunlarg	224 Armagh Road	Keady	County Armagh	BT60 3EW
Ardmaine	Fullerton Road	Newry	County Down	BT34 2AY
Longfield	2 Longfield Road	Eglinton	County Londonderry	BT47 3PY
Nightingale CC	34 Old Eglish Road	Dungannon	County Tyrone	BT71 7PA

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