OpinionINTERVIEW Why take on the role of chief executive at a property


Taking ofbusiness


The Peverel GrouP’s newchief executive likes achallenge.Engaging, sharpand business-savvy,Janet Entwistleisinnodoubt that shehas ahugetaskahead of herifshe is to restoretrust in Peverelamongits residents andrebuildthe company’sstatusinthe leasehold marketplace, following the Group’s rescue fromadministration lastyear. It is no secret that Peverel has had


seriousproblems.Ayearago itsreputation wasbadly tarnishedastheUK’s largest propertymanagement companywentinto administration.Formerowner Vincent Tchenguizwas suspectedoffinancial wrong-doinginconnectionwiththe collapse of IcelandicbankKaupthing, although all charges were laterdropped.SomeofPeverel’s residentswerereceiving such ashoddy service frompropertymanagers that a Google searchquickly revealed complaints and horror stories shared on sites such as Peverel Action and The truth about Peverel. However, ninemonthsago inMarch2012


theGroup’s fortunes changed.Peverel was rescuedbyChamonix PrivateEquityLLP andElectra Partners in a£62 milliondeal that substantiallyreduced Peverel’sdebtand broughtitbackfrom thebrink of financial disaster.The Group also received aboost with theappointment of itsnew chiefexecutive in thesamemonth.


PEVEREl aT a glaNcE


1982 Establishedasa subsidiaryofMcCarthy& Stone


1993 PeverelGroup formed followingMBO


1995 Acquiredby WestminsterHealth Care &HolidayRetirement Corporation


2000 Becamewholly ownedsubsidiary of Holiday RetirementCorporation


2007 Acquiredby Tchenguiz Family Trust


34


advisedbyConsensus Business Group


2008 Peverelbecomes responsible forSonata Groupofcompanies from ConsensusBusiness Group


2011 Peverel’sholding company goes into administrationfollowing thearrest of Vincent Tchenguiz by theSFO. Operatingcompanies continueto tradeasnormal whileanewowneris sought.SolitaireProperty Management brandceases


to existasthecompanyis completely assimilatedinto OMPropertyManagement. This is theculminationof athree-year,£4million improvement planto addressSolitaire’s serious historical operationaland customer service issues


2012 Rescuedfrom administrationwithfinancial backingfromChamonix PrivateEquityLLPand ElectraPartnersLLPin a£62 milliontransaction that involvedasubstantial reduction in debt


prospectofusing herchangemanagement skills to good effect:“WhenIwenttosee the newowners, their vision for the company appealed tomeandsodid thechallenge of changingthe companyfor thebetter”,she says. This objectivehas beenpivotal to thefirst


fewmonthsinher newrole, with Janet making her first task amajor fact-finding exercise to determinehow thebusiness worksonaday-to-daybasis andidentifying theprioritiesfor change. “Myroleislargely astrategic onebut Ialsohavetolookateach part of the business in detail. You can’t expect peopletodeliver if youdon’t communicate what you want and identify a clear direction forthe company,”she says.


Issue 13, Winter Flat Living


group just rescued from administration? lesleyDavis talks to Peverel’s Janet Entwistle to find out


Having held anumberofseniorroles in


services businesses includingmost recently BT Fleet, Janet Entwistle has a strong track record of ‘businesstransformation’.Inplain English, thismeans bringing customers back on boardbyimproving levels of service, business transparencyand communication andsimplydeliveringwhatispromised.All this is then reflected in thebottomline. “It seemed tomethatmost ofwhat Peverel was doingwas good andthere wasenormous potentialfor improvement,”saysJanet, adding: “most of theexistingservice failures didn’t seeminsurmountable –upsetting, irritating andfrustrating yes, butcertainly capableofbeing solved”. Theformercorporate lawyer admits she wasattractedtoher newroleatPeverel by the


Youcan’t expect people to deliver if youdon’t


communicatewhat you want andidentify aclear direction for thecompany


CARE


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64