© 2025 News On The Block. All rights reserved.
News on the Block is a trading name of Premier Property Media Ltd.
© 2025 News On The Block. All rights reserved.
News on the Block is a trading name of Premier Property Media Ltd.
Restructuring experts Zolfo Cooper have announced that they have been appointed Administrators of Peverel Limited (PL), Peverel Group Limited (PGL), Aztec Opco Developments Limited (AODL) and Aztec Acquisitions Limited (AAL). The announcement comes just days after Vincent Tchenguiz, the high profile owner of Peverel and its related companies, was dramatically arrested by the Serious Fraud Office in a dawn raid on his home and Central London offices. The Administration is not directly connected with Mr Tchenguiz's arrest and he was released without charge following questioning last week.
The companies which have been put into administration are all holding companies within the Peverel group. The Group is the leading property management company in the UK for both the retirement and open market (non-retirement) residential sectors with approximately 190,000 units under management and approximately 4,000 employees.
Another part of the business owns the freeholds to approximately 300,000 properties across the country.
Peverel has been under extreme pressure from some of its customers in recent months in relation to allegations of unreasonable service charges and quality of service. The campaign has been led by leasehold campaigner Melissa Briggs and her Carlex website, which has received significant national media coverage. Tchenguiz recently agreed a debt-for-equity swap with Bank of America Merrill Lynch as part of a restructuring of the organization. According to The Financial Times, Bank of America Merrill Lynch demanded repayment of £125m of debt, last week. It is thought that this move forced the company into administration today.
Although the holding companies in the Peverel Group have been put into administration, the Administrators have made clear that the Group’s operating companies will be unaffected by the administrations. For clarity, these are the businesses within the Peverel Property Management Group, Peverel Business Technologies and Peverel Retirement Division. Therefore, the Administrators stress that all services for residents, tenants, customers and landlords will continue to be provided as normal.
Simon Appell, Partner, Zolfo Cooper said: “Whilst the business itself was profitable at an operating level, the level of debt in the holdings companies was unsustainable. The administrations of the holding companies were therefore unavoidable. However, the operating companies are unaffected and will continue to trade as normal whilst we seek a buyer for it."