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Peverel Sale: Peverel’s New CEO explains the Deal

March 6, 2012

by News on the Block Editorial Team

In an interview with Janet Entwistle, the new CEO of the Peverel Group, News on the Block have learned more details about the purchase of Peverel and some of the plans moving forward.

To facilitate the transaction, a new company was formed as a corporate vehicle to purchase the operating businesses of Peverel from the holding companies. Janet explained: “£50.7m was paid for the business and £11m in cash was retained. RBS have provided £25m of debt and that has given us a more suitable capital structure moving forwards.”  

Janet Entwistle also made clear that under the new ownership, Vincent Tchenguiz and the Tchenguiz Family Trust have no involvement in the Peverel business going forwards. However, Peverel will continue to provide management services to properties owned by the Tchenguiz Family trust on arms-length, commercial terms.

  As for her plans for the Peverel business moving forwards, Janet stressed that her first priority will be to sort out the service issues, then to tackle the reputation of the Peverel business and finally to realise the untapped potential she sees in the Peverel business.

Meanwhile, Simon Appell, Partner, Zolfo Cooper one of the Joint Administrators of the Peverel holding companies said in a statement: “We are delighted to have secured the sale of the Peverel group after completing a comprehensive marketing exercise. We would like to thank all staff for their contributions during this process and wish the business well for its future.”

Further details regarding the administration of the holding companies will be answered in the Administrators report to creditors, which is due to be issued shortly.   

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