Peverel collapse sparks fears for tenants and leaseholders | Money | The Guardian

Peverel collapse sparks fears for tenants and leaseholders | Money | The Guardian

The holding companies behind Britain's biggest property manager – which maintains 190,000 homes, including most McCarthy & Stone retirement properties – this week went into administration, prompting fears for the safety of "sinking funds" paid by leaseholders, and alarm that a new buyer might raise charges further.

The collapse of Peverel Limited and three associated holding companies came just days after Mayfair property tycoon Vincent Tchenguiz found himself among nine men targeted in dawn raids by the Serious Fraud Office as part of its investigations into the collapse of Kaupthing bank.

Tchenguiz, who denies any wrongdoing, bought Peverel in 2007 with the help of loans from Merrill Lynch. He said its "sudden" decision to demand repayment of a £124m loan, plus about £11m interest, within 24 hours of his arrest, forced the companies into administration.