Vincent Tchenguiz’s Peverel has bought Kensington-based estate agent Farleys Management from Humberts, the national agency and valuation group backed by Tchenguiz, for £424,500.
The cash sale for Farleys, which had a turnover of £363,000 in the year to 30 September 2007, followed a closed auction process.
In a stock market announcement today Humberts said it had been advised by Panmure Gordon, its nominated adviser, that the terms of the sale were “fair and reasonable insofar as its shareholders are concerned”.
The AIM-listed group announced last month it was considering a number of potential takeover offers and was seeking to raise further funds from the sale of non-core assets.
Peverel, part of the Peverel Group, includes Peverel OM, a portfolio of over 1,000 developments across England and Wales, which includes 70,000 homes.
It is wholly owned by Vincent Tchenguiz’s Consensus Business Group which is also a substantial shareholder in Humberts. As such, under the AIM rules for companies, Peverel and Humberts are treated as related parties.
Humberts said the proceeds from the sale will be used to strengthen the group’s working capital position.
paul.norman@egi.co.uk
