Sale of Peverel property company officially started

Mon, 16 May 2011 | DIVISION SALE

The sale has begun of the administration-struck property company formerly owned by the controversial British-Iranian businessman, Vincent Tchenguiz.

Peverel has been in administration since March, with the process being handled by advisory and interim management firm, Zolfo Cooper. Zolfo has this week announced that is has sent out sales documents for the marketing of the company, which is expected to attract interest from many of the capital's major landlords and property companies.

Among the interested companies are thought to be Grainger, the Newcastle-based FTSE-listed specialist residential landlord, and Mountgrange, the private real estate fund management business, which specialises UK commercial property investment, development and asset management.

It is hoped that the sale of Peverel will be able to maintain the jobs of the majority of its employees and keep the company's portfolio in business. Zolfo Cooper have been running the company as a going concern in the run up to the sale, in which they expect to see much of the portfolio sold off in smaller lots.

The company currently employs more than 4,500 people across the country in a range of property sale, management and maintenance roles. The company leases and manages thousands of properties throughout the UK, including many retirement flats.

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