Peverel Retirement manages around half of all leasehold retirement housing developments in the UK. A troubled recent history, which culuminated in it going into receivership a year ago, has therefore been of great concern to many residents. However the company announced today that it has been 'recued' by new owners and has a new Chief Executive and a new, independent, Non-Executive Chairman.
Below is the text of Peverel's press release:
Peverel Group announces that it has today been rescued from Administration with financial backing from Chamonix Private Equity (“Chamonix”) and Electra Partners LLP (“Electra”) in a transaction that involves a substantial reduction in the borrowings of the business.
Zolfo Cooper was appointed as Administrator to the holding companies of Peverel in March 2011 and the operating companies have continued to trade successfully and profitably since then. Chamonix and Electra have now acquired the business and assets of Peverel and all its operating subsidiaries, which includes retirement properties, property management, retirement property sales, insurance services and one of the leading Telecare and Telehealth monitoring businesses.
This acquisition and subsequent plans for the Group, including a commitment to on-going investment, will secure approximately 4,200 jobs and ensure the continuation of a strong and successful business for all its customers.
With the arrival of its new financial partners, Peverel is also delighted to announce the appointment of Janet Entwistle
as Chief Executive. Janet, who takes up her new role with immediate effect, has held a series of senior roles in services businesses and has a track record of business transformation through focusing on the delivery of industry-leading levels of customer service. Her most recent role was as Managing Director of BT Fleet, which operates from a national network of sites and which she built, into one of the UK’s leading fleet management companies.
In addition, Peverel is pleased to announce the appointment of Paul Lester CBE as independent Non-Executive Chairman. Paul’s other current roles include non-executive directorships of Invensys, Norland Managed Services, and John Laing Infrastructure and he is a member of the HM Treasury Major Projects Review Group.