The owner of two care homes in Cumbernauld says a move into administration will not affect care arrangements or lead to the closure of homes.
Four Seasons Health Care operates 440 locations across the UK serving 17,000 residents and patients and employing 20,000 staff.
This includes Carrickstone House Care Home offering nursing care, nursing dementia and palliative/end of life care and Cumbernauld Care Home in Greenfaulds offering nursing dementia.
Two of the holding companies behind the firm, Elli Investments Limited and Elli Finance (UK) Plc, which do not own or operate any care homes directly, appointed administrators on Tuesday after struggling to repay their debts.
Four Seasons Health Care Group is launching an independent sales process on Friday, as the next stage of its restructuring, which it expects to complete by year end.
The operating companies under which the care home and hospital operations sit are not in administration and continue to be run as normal by the existing leadership teams.
The Group has entered into a funding agreement which provides sufficient operational funding to ensure continuity of care for all residents and patients during the independent sales period.
Dr Claire Royston, group medical director of Four Seasons Health Care, said: “This news does not change the way we operate or how our homes are run or prompt any change for residents, families, employees and indeed suppliers.
“Our priority remains to deliver consistently good care. It marks the latest stage in the Group’s restructuring process and allows us to move ahead.”
Professional services firm Alvarez & Marsal (A&M) has been appointed to handle the administration.
Richard Fleming, joint administrator, added: “We are committed to ensuring the group delivers continuity of care as we work to undertake the independent sales process.
“The Group has continued to improve its quality ratings across their portfolio of homes and hospitals.
“The Group’s operations are fundamentally strong and a successful sales process will enhance those operations’ ability to thrive.”