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News merger TriniTyandChainbowmergebloCkmanagemenT


Trinity(Estates) Property Management Limitedand ChainbowLimited have announcedthemerger of their blockmanagementbusinessesto create oneofthe largest privately ownedresidentialmanagement firmsin England andWales. TrinityChainbowwillbe


servicinginthe region of 40,000 homeowners throughout England


andWales.Trinitywhichwas foundedin2000 has in excess of 35,000unitscommitted tomanagement across 600 developments.The company employs115 personnel, is based inHertfordshireand has secured contractspromisinganadditional 10%growthinthe coming year. Chainbowwas established by ChairmanRoger Southamin1989


and is based in central London. Thetwocompanieshaveeach


developed a reputation for lobbying forregulationofthe property management sector and their like- minded approach iswhat ledtothe amalgamation. Trinity EstatesMD andCEOJonathanSmithandRoger Southamargue that it is timethe residentialpropertymanagement sector ‘grew-up’andbecomemore


Acquisition


Peverel resCuedfrom adminisTraTion


ControversialUKproperty management services group Peverel, announced inMarch that it has been rescued from administration with financial backing fromChamonix Private Equity LLP and Electra Partners LLP.The £62million transaction involves asubstantial reduction in theborrowingsofthe business. Followingthe acquisition, the Group’s debtwillfallfrom £125mto £25m. InMarch last year, thousands


of homeowners nationwide were throwninto confusionasPeverel Group owner-Iranian property tycoon VincentTchenguiz–was forced to putthe companyinto administration after failing to repay a loan. Vincentand hisbrother Robert


hadbeenarrested afew days earlier together with sevenother people when police raided addresses in London and Reykjavik as part of a SeriousFraud Office investigation into thecollapseofIceland’s KaupthingBank. Thebrothers were questioned for 13 hours, and hundreds of documents and computer files were seized. They were released without charge.


JanetentwistlewasappointedCeoof ThePeverelgroup inmarch. Janetjoinsthe group having heldanumberofsenior rolesin industry,mostrecentlywithbTfleet.duringher 12 years with thecompany,Janet transformedbTfleet fromacostcentre, only providing services tobT, into one of theuk’s leading fleet managementcompanies, with areputationfor delivering industry- leadinglevels of customerservice. Janettrained asabarrister and during her legal career heldroles‘in–house’supportingbusiness developmentactivities in theukand europe.Peverel’snewCeo sitsonthe board of thefreightTransport associationandwas previously on the board ofopportunitynow.


10 ZolfoCooperwas appointed


as administratortothe holding companiesofPeverel on 14March 2011 andthe operatingcompanies (see box) have continuedtotrade profitably since. Chamonix and ElectraPartnershavenow acquired thebusinessand assetsofPeverel whichisone of theUK’slargest propertymanagement services businesses. With itsroots in retirement


homes, Peverel nowoffers services including security systems, telecare andtelehealth, insurance andgeneral residentialproperty management.The Group has three divisions – Peverel Retirement, Peverel PropertyManagement and Peverel Building Technologies – along with Kingsborough, an insurance services business. TheGroup has also announcedthe


appointmentofJanet Entwistleas chiefexecutive (left) andPaulLester CBE as independent non-executive chairman.With headquartersin NewMilton,Hampshire, Peverel has offices in London,Luton, Birmingham,Kentand Glasgow andemploys morethan4000 people. ThePeverel Groupmanagesaround 200,000 properties in England.


Peverel’s operating companies nPeverelRetirement


nRetirement Homesearch nPeverel Scotland


nOMProperty Management


nMarlborough House Management


nConsortProperty Management


nInsero Lettings


nStonedale Property Management


nPembertons PropertyManagement nAppelloTelehealth


nCirrus Communications Systems


nCarelineUK


nInstant Fire Protection


nKingsborough Insurance Services


Spring2012 Flat Living


professional:“Residentialblock management is about 10 years behindcommercial property management andwewanttobethe companythatleads theway fora moreproficient sector.Goneare the dayswhen homeowners don’tpay attentionto their bills.Weare going to raisethe barandgive residents theservice andprofessionalism they deserve,” they said.


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