Wednesday, 25 May 2016
Last updated 3 hours ago
Feb 20 2014 | 9:14am ET
Hedge fund Anchorage Capital Group has taken control of a major British care homes operator from Lloyds Banking Group.
Anchorage has bought about £80 million in debt from Lloyds to become the "cornerstone shareholder" of New Century Care. The deal was arranged by NCC's management, which introduced Anchorage to Lloyds. The three sides have been in talks for several months, according to Sky News.
"ACG will work alongside NCC's founder, Paul Warren, who will retain a significant stake in the company, to support the growth and development of the business," Anchorage said.
There will be no layoffs or closures of any of NCC's 27 sites as a result of the new ownership.