Some of the lenders to heavily indebted Four Seasons Healthcare Group have rejected a last ditch proposal to restructure its £1.5bn debt, turning up the heat on more senior ranking lenders to improve the offer and avoid a sale of the business.

Last week, Hatfield Phillips – a financial trustee that represents senior creditors – put forward a restructuring proposal for creditors to approve by July 6. It indicated that if no deal was agreed it would look to sell the company.