HOUSEHOLDERS have been urged not to panic – following the collapse of a debt-hit property management company.
A number of Huddersfield residents are believed to be affected after Peverel, the UK’s largest property management firm, went into administration this week after reportedly failing to meet demands to repay debts of about £125m.
Nationally, about 300,000 homeowners across the UK live in property managed by the Peverel Group, which is owned by billionaire business tycoon Vincent Tchenguiz.
Brothers Vincent and Robert Tchenguiz were last week called in for questioning by the Serious Fraud Office in connection with investigations into the failure of the Icelandic bank Kaupthing.
However, the operating companies – which provide the services to flat owners and residential homes – are profitable and will continue to trade normally, according to Simon Appell, a partner in Zolfo Cooper, who have been appointed administrators.
And in Huddersfield, Leah Ramsden, residential property manager with law firm Eaton Smith, said: “Many people may be worried about the safety of the money they have paid as a service charge, but there does not seem to be any need for concern.
“There is no suggestion of misconduct on the part of the operating companies and – since they hold the service charge money as statutory trustees – it should be ring fenced and accounted for down to the last penny.”
Residential management companies provide services such as maintenance and repairs to the common parts of developments that are sold as leasehold flats.
They collect the service charge from the flat owners and manage the maintenance and expenditure.