Fourseasons as all those involved in the care home business know are a major player in the UK nursing home market. I recently saw this article on the group's troubles.
It is times like this we are glad that we no-longer supply nurses uniforms , nor any other type of uniforms to this group. I certainly would not be sleeping well in my bed if I was a supplier to Fourseasons Healthcare at this present time.
If this article represents what is happening, it does seem that we as tax payers may be left holding the bills here, as RBS, now mostly owned by the tax payer is also, from what I have read the major lender here too.
Doesnt seem fair that a company that relies mostly on government funding, by way of residents fees is maybe considering going bust, leaving huge debts for the tax payer and others to pick up the tab, then start again the next hour with everything in place, except the debt, and still expects the government to keep them in business by way of suppling customers.
Its easy for any business to say we are viable and have a sound business operation, but just cant pay our borrowings. How much more money we all would have, if we didnt have to pay our debts and how many more viable businesses would there be out there. This statement by fourseasons just seems nonsense.
It might be legal to go down the road of pre-pack adminstration, but is it moral ? Especially as this is all government money, by way of funding.
The government should never have allowed this group to hold a monopoly of the care home market in Northern Ireland. If this group does go bust, then our local government should step in to break the group up and have it sold in smaller lots to protect the tax payers from having to pick the bill up again in the future.
Where has all the money gone , anyhow?
I always thought there was a law against this sort of phoenix activity, but looks like labour got rid of all that. Come back Maggie , I think that appear to be the cry out there, all is forgiven !!!
For those creditors supplying companies like this, they need to be very careful, but maybe they too are ok if they have the debt insured, so the losers will be those companies unable to get credit insurance, generally the small businessman, the insurance companies who will have to pay out when this fails, and the tax payer.
BE CAREFUL OF GIVING OUT CREDIT !!!! BE AWARE OF THE DANGERS !!!
Comments