Tchenguiz property firm Peverel rescued in £62m deal
Wednesday 07 March 2012
Peverel, the property management group that was once part of Vincent Tchenguiz's empire, was rescued yesterday, almost a year to the day after it went into
It has been bought by the private-equity firms Chamonix and Electra in a £62m deal, which they said would secure more than 4,200 jobs.
Peverel, which is the country's biggest property manager, was forced into administration a week after Mr Tchenguiz and his brother Robert were arrested by the Serious Fraud Office.
There have been widely publicised complaints among tenants of poor service and rising charges.
Vincent Tchenguiz claimed at the time of the business being forced into administration that Bank of America Merrill Lynch, which was owed £125m by Peverel, had pulled the plug as "a direct result of the very public commencement of the Serious Fraud Office's investigation into events surrounding the collapse of Kaupthing bank".
Yesterday's deal sees the private-equity firms pay £50.7m to the administrators, Zolfo Cooper, for the business and £11m for cash within it. Royal Bank of Scotland has supplied £25m of debt. Bank of America walks away with some £50m on its original £125m debt.
The new owners have appointed a new chief executive and chairman in the form of Janet Entwhistle, previously managing director of BT Fleet, and Paul Lester, the former chairman of the engineer VT Group. Peverel manages nearly 60,000 retirement flats in retirement homes and 132,000 leasehold flats.
- 1 Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
- 2 Christians: The world's most persecuted people
- 3 The secret report that helps Israelis to hide facts
- 4 Danish TV reporter is all business up top, all party down below
- 5 Denmark bans kosher and halal slaughter as minister says ‘animal rights come before religion’
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Israel-Gaza conflict: The children were playing in the street with toy guns. The missiles were tragically real
Danish TV reporter is all business up top, all party down below
Syria conflict: Syrian and Turkish Kurds unite to battle Isis threat - ‘We shoot them like sheep, but next day double the number return’
Ross Burden dead: MasterChef and Ready Steady Cook star, dies aged 45
The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
iJobs Money & Business
Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)
£350 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...
£500 - £560 per day: Orgtel: Java Developer FX - Banking - London - Up to £560...
£350 - £400 per day + competitive: Orgtel: My client, a leading bank, is curre...
£26000 - £30000 per annum + Benefits: Ashdown Group: Account Manager - (Produc...