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Monday, 21 March 2011

Peverel Holding Companies In Administration

The holding companies behind Peverel, the UK's largest property management firm owned by Vincent Tchenguiz, have gone into administration.

Peverel manages 190,000 properties including retirement homes and some sheltered housing.  In Bristol it manages the 5102 building which overlooks the Bear Pit roundabout in the city centre, flats in Bedminster and the Portishead Marina.

The administrators Zolfo Cooper said the operating companies, which employ around 4,000 staff were not affected by the collapse of the holding companies.

However, Zolfo said it would run the businesses in the hope of securing a sale. The Tchenguiz brothers were arrested as part of the investigation into the collapse of Icelandic bank Kaupthing.  The brothers deny any wrong doing.

Zolfo Cooper said there were no plans for staff redundancies within the operating companies and all property management services are expected to continue.

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