propertytalk Live! - Property management company Peverel in administration
The UK's largest property management company has gone into administration.
A number of holding companies behind Vincent Tchenguiz's Peverel Group have gone into administration - Peverel Limited, Peverel Group Limited, Aztec Opco Developments and Aztec Acquisitions.
Administrator Zolfo Cooper says the group's operating companies are not affected and that all services for residents, tenants and landlords will be provided as normal.
"Whilst the business itself was profitable at an operating level, the level of debt in the holdings companies was unsustainable," said Simon Appell, partner at Zolfo Cooper.
"However, the operating companies are unaffected and will continue to trade as normal.
"The business will continue to trade as usual whilst we seek a buyer for it."
The Financial Times says Bank of America Merrill Lynch asked the group to repay a loan of £125million.
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