Peverel Group, the holding company of Vincent Tchenguiz’s property management arm, has gone into administration after failing to meet Bank of America Merrill Lynch’s demand to repay corporate debt of about £125m.
The Financial Times and The Independent say the development is not believed to be directly related to the arrest, and subsequent release without charge, of the Tchenguiz brothers. But other newspapers report that Vincent blamed the publicity for forcing the bank’s hand on what is the UK’s largest property management company. Zolfo Cooper, which has been appointed administrator, said the business would continue to trade as usual while it sought a buyer.
15/03/11 Financial Times 1
Times 3
Daily Telegraph B1, B3
Independent 40
Guardian 31
