£62m BUYS PEVEREL OUT OF ADMINISTRATION

£62m BUYS PEVEREL OUT OF ADMINISTRATION

• Peverel bought out of administration
• £62m transaction
• £125m borrowings reduced to £25m
• New CEO & Chairman appointed

Peverel Group, the largest residential managing agent in the UK, has been bought by a consortium of private equity companies comprising Chamonix Private Equity and Electra Partners.

The holding companies of Peverel were placed into administration in March 2011 and Zolfo Cooper were appointed as administrators.  However, this transaction includes not just the holding companies, but the operating subsidiary companies as well which includes the management of retirement properties, property sales, insurance services and Careline, a telecare and telehealth monitoring business.  The Group’s debt is also being reduced from £125m to £25m.

Peverel’s new owners have also installed two new managers. Janet Entwistle has been appointed as the new Chief Executive.    Her most recent role was as Managing Director of BT Fleet, which operates a national network of sites and which she built into one of the UK’s leading fleet management companies.  Paul Lester CBE has also been appointed as Non-Executive Chairman.

Janet Entwistle said: “This transaction marks a new beginning for Peverel and I am delighted to have been appointed Chief Executive.   I look forward to working with the rest of the management team to ensure we develop this business by delivering on our promises to customers, building trust with all our stakeholders, and operating to the highest standards of business integrity.”

The new owners say all 4,200 jobs are secure as a result of this transaction.

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