Property management company Peverel in administration

Debt-laden property management company Peverel has gone into administration in a further blow to the empire of the billionaire Tchenguiz brothers.

The holding companies behind Peverel - the UK's largest property management firm owned by Vincent Tchenguiz - went bust after reportedly failing to meet demands to repay debts of around £125 million.

Administrators Zolfo Cooper said the operating companies, which employ around 4,000 staff and look after around 190,000 properties and retirement homes, were unaffected by the collapse of the holding companies and would continue to trade as normal.

Zolfo will run the businesses in the hope of securing a sale.

Mr Tchenguiz and his brother Robert were among a number arrested last week as part of a fraud investigation into the collapse of Icelandic bank Kaupthing.

Zolfo Cooper stressed they had no plans for staff redundancies within the operating companies.

It added that services for residents, tenants, customers and landlords will continue to be provided as normal and they should use their usual points of contact.

Simon Appell, partner of Zolfo Cooper, said: "Whilst the business itself was profitable at an operating level, the level of debt in the holding companies was unsustainable.

"The administrations of the holding companies were therefore unavoidable. However, the operating companies are unaffected and will continue to trade as normal."

He added the administrators were "confident a successful outcome will be achieved".

Today's news comes less than a week after the Tchenguiz brothers were arrested alongside five others in the UK in dawn raids across London.

The embattled pair were released the same day and have vowed to clear themselves of "any allegation of wrong-doing".

Peverel was in talks with its lender Bank of America over the company's debts for several months before the administration, which was made at the request of Peverel's board of directors.

It is understood they were in negotiations over a restructuring that would have seen its debts written off in return for equity.

Peverel is part of Mr Tchenguiz's wider property business that owns the freehold of and manages around 500,000 properties.

The duo also have interests directly in property ownership and leisure investments, although their portfolio has been decimated by the credit crunch and financial crisis.

Peverel - once owned by housebuilder McCarthy & Stone - has a number of subsidiaries and managing agents, including Solitaire Property Management and Pembertons Residential.

It also owns CarelineUK, which provides emergency alarms in retirement homes.

Start your day with The Independent, sign up for daily news emails
ebookA unique anthology of reporting and analysis of a crucial period of history
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Guru Careers: Software Developer / C# Developer

£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...

Neil Pavier: Management Accountant

£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...

Sheridan Maine: Commercial Accountant

£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...

Laura Norton: Project Accountant

£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...

Day In a Page

Abuse - and the hell that came afterwards

Abuse - and the hell that follows

James Rhodes on the extraordinary legal battle to publish his memoir
Why we need a 'tranquility map' of England, according to campaigners

It's oh so quiet!

The case for a 'tranquility map' of England
'Timeless fashion': It may be a paradox, but the industry loves it

'Timeless fashion'

It may be a paradox, but the industry loves it
If the West needs a bridge to the 'moderates' inside Isis, maybe we could have done with Osama bin Laden staying alive after all

Could have done with Osama bin Laden staying alive?

Robert Fisk on the Fountainheads of World Evil in 2011 - and 2015
New exhibition celebrates the evolution of swimwear

Evolution of swimwear

From bathing dresses in the twenties to modern bikinis
Sun, sex and an anthropological study: One British academic's summer of hell in Magaluf

Sun, sex and an anthropological study

One academic’s summer of hell in Magaluf
From Shakespeare to Rising Damp... to Vicious

Frances de la Tour's 50-year triumph

'Rising Damp' brought De la Tour such recognition that she could be forgiven if she'd never been able to move on. But at 70, she continues to flourish - and to beguile
'That Whitsun, I was late getting away...'

Ian McMillan on the Whitsun Weddings

This weekend is Whitsun, and while the festival may no longer resonate, Larkin's best-loved poem, lives on - along with the train journey at the heart of it
Kathryn Williams explores the works and influences of Sylvia Plath in a new light

Songs from the bell jar

Kathryn Williams explores the works and influences of Sylvia Plath
How one man's day in high heels showed him that Cannes must change its 'no flats' policy

One man's day in high heels

...showed him that Cannes must change its 'flats' policy
Is a quiet crusade to reform executive pay bearing fruit?

Is a quiet crusade to reform executive pay bearing fruit?

Dominic Rossi of Fidelity says his pressure on business to control rewards is working. But why aren’t other fund managers helping?
The King David Hotel gives precious work to Palestinians - unless peace talks are on

King David Hotel: Palestinians not included

The King David is special to Jerusalem. Nick Kochan checked in and discovered it has some special arrangements, too
More people moving from Australia to New Zealand than in the other direction for first time in 24 years

End of the Aussie brain drain

More people moving from Australia to New Zealand than in the other direction for first time in 24 years
Meditation is touted as a cure for mental instability but can it actually be bad for you?

Can meditation be bad for you?

Researching a mass murder, Dr Miguel Farias discovered that, far from bringing inner peace, meditation can leave devotees in pieces
Eurovision 2015: Australians will be cheering on their first-ever entrant this Saturday

Australia's first-ever Eurovision entrant

Australia, a nation of kitsch-worshippers, has always loved the Eurovision Song Contest. Maggie Alderson says it'll fit in fine