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Tchenguiz Family Trust

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Companies controlled by the Tchenguiz family trust.
Contents

Introduction

March 2011 update

Why does it matter?

The group complexity

Other web sites which may contain information about the Tchenguiz group

Company structure of the residential and retirement part of the Tchenguiz group

Company Listing

DISCLAIMER

Introduction

This document sets out to detail many of the companies listed as being ultimately controlled by the Trustees of the Tchenguiz family Trust [i]. The document concentrates on the part of the organisation predominantly trading in the residential and retirement leasehold sectors. The part of the group which deals with the pub restaurant sector is briefly mentioned at the end of the document.

This document has been prepared based on

  1. accounts submitted to Companies House
  2. company reports produced by companysearchesmadesimple
  3. Tchenguiz controlled company website statements
  4. Press reports

This document does not attempt to make any claims or comment on the merits of the structure or provide detail of the directors in each of the companies. Examination of Companies House records show that several individuals hold multiple directorships across a number of companies within the group.

March 14th 2011 update

It is reported in the Financial Times today that various Peverel related holding companies have going into administration. The administrators have advised this will have no impact on the operating company subsidiaries. We have updated below those companies listed as being in administration with Zolfo Cooper.

The Administrator Zolfo Cooper has provided a series of FAQ for worried leaseholders including

What exactly is in administration?

A: The following holding companies are in administration: Peverel Group Limited, Peverel Limited, Aztec Opco Developments Limited and Aztec Acquisitions Limited. The group’s operating companies, which are all the businesses within Peverel Property Management, Peverel Retirement Division and Peverel Building Technologies are unaffected by the administration. Therefore, all services for residents, customers and landlords will continue to be provided as normal.

Peverel have also provided a statement Peverel statement which again confirms the operating companies are not affected.

However, it should be noted from the accounts that the holding companies also trade as part of the overall group. Companies like Peverel Limited state they have 142 direct emplyees. The accounts also indicate that some of the directors emoluments for the operating companies were paid from the holding company Peverel Ltd.   

 

March 2011 update

Several of Tchenguiz group companies’ have now filed their 2009 accounts and the results seem to fall into three categories.

  1. Companies indicating they are now owned by companies held by the Receiver Grant Thornton as at 16th Feb 2009.
  2. Companies which reference actual or potential higher interest payments on a “cross collateralised borrowings, totalling £116,000,000” following the termination of fixed interest debt. The FT reported in January on Meryll Lynch's proposed debt for equity swap with Peverel linked to what they stated was a “£100m of debt behind Peverel” .
  3. Companies in the group showing no change.

A recent article in the Guardian looks into the current changes. Tchenguiz Structure.

Group 1: Example of 2009 Accounts showing assets held by the receiver 

Examples of references to this issue are included in accounts for Fairhold Holdings, Fairhold holdings 2008 (Q1), Fairhold Holdings (2003), Fairhold Athena, Fairhold Holdings No.4 (RPI), Fairhold Holdings (2005).  Taking the latter as an example of what appears to be standard wording. On page 10 of the Fairhold Holdings (2005) 2009 accounts under the section on “going concern” it states that:

“On 31st March 2008 the shares in the company's own shareholders were pledged as security against the financial liability of a related party, Oscattelo Investments Ltd.”

Note: The shares in the company’s own shareholders is taken to mean it's parent company which owns a number of other group companies such as those mentioned above.

Oscatello Investments is a BVI based company See Guardian article published in 2009.

“These liabilities were called on 10th December 2008 and on 16th February 2009 Grant Thornton UK LLP and Grant Thornton (British Virgin Islands) Limited were appointed as joint Law of Property Act receivers in respect of the pledged shares”.

Ref: Law of : Property Act

The paragraph goes on to state:  should the shares held by the receiver be released this action would “constitute a change of control of the group and this would constitute an event of default in respect of the groups borrowings from its principle lender”.

The Guardian states in its article 13th Feb 2011 “According to court papers filed by TFT trustees” that “has already triggered various events of default”.  The Guardian lists the main banks as: “Deutsche Bank, Bank of Scotland (now part of Lloyds Banking Group), Merrill Lynch, BayernLB and Allied Irish Banks (UK).”

Group 2: Companies referencing the £116,600,000 borrowings. 

Under note 1 (Going Concern) of their accounts Peverel Ltd state:  “On 31st March 2008, shares in one of the companies intermediate offshore holding companies were pledged as security to secure the financial liabilities of a related party”

It goes on to state:

“On 10 December 2008, breaches occurred in the loan covenants of this related party. Negotiations are in hand regarding settlement of the related parties financial liabilities covered by the pledged security”

The accounts record: should the negotiations fail “the principle effects should are that the companies cross collateralised borrowings, totalling £116,600,000 at the year end, could become immediately payable together with additional costs of £15,842,934 which arose in respect of the termination of the interest rate agreements that fixed the interest rates on the loan”

In the Peverel accounts it also states. “Included in the amounts due from related parties is a subordinated loan of £595,516,279 (2008 £590,103,254) with is deemed to be interest free and repayable on demand, subject to the terms of the subordination deed.  The latter states that no repayment of the subordinated loan may be made until the financing advanced to the related party group by third parties is repaid in full.”

Group 3: Companies in the group showing no change 

Companies including Estates and Management and Interphone have no references the above issues. Others in the group include Aztec Property Topco.

Note 17 of Aztec Property Topco’s accounts states “As at December 2009 Aztec Property Topco Ltd and is subsidiaries owed Aztec Acquisitions Ltd or one of its subsidiaries £595,479,505 (2008 £591,958,792). This is interest free”

Why does it matter?

  1. One of the main reasons why leaseholders need to know about the structure of this group is to be aware if the managing agent is complying with regulation 7.4 of the RICS Service Charge Residential Management Code. This regulation obliges the managing agent to obtain at least two estimates for qualifying works "at least one of which must be from a firm wholly unconnected with you or the landlord". Clearly if leaseholders do not know which companies are related to a landlord or managing agent there is no way they can know if regulation 7.4 is being correctly applied.
     
  2. International Standard on Auditing (ISA) 550, “Related Parties” advises. That “the nature of related party relationships and transactions may, in some circumstances, give rise to higher risks of material misstatement of the financial statements” ISA 500 sets out three examples where “circumstances, give rise to higher risks of material misstatement of the financial statements than transactions with unrelated parties”

Related parties may operate through an extensive and complex range of relationships and structures, with a corresponding increase in the complexity of related party transactions.

Information systems may be ineffective at identifying or summarizing transactions and outstanding balances between an entity and its related parties.

Related party transactions may not be conducted under normal market terms and conditions; for example, some related party transactions may be conducted with no exchange of consideration.

The code goes on to state “In addition, an understanding of the entity’s related party relationships and transactions is relevant to the auditor’s evaluation of whether one or more fraud risk factors are present as required by ISA 240, because fraud may be more easily committed through related parties.”

The group complexity

Trying to understand the labyrinthine structure of the 380+ companies which sit below the six overall group companies which fall under the control of the Tchenguiz family trust is made more complicated due to the constantly changing nature of the business. To our understanding the group does not to publish an overall organisation chart. Any study of the group is made more difficult because:

(a) The names of key companies within the group have sometimes been changed.

Examples

  1. Peverel OM Ltd changed their name to OM Property Management Ltd on 4th March 2010 [ii]. (line 37)
     
  2. Cirrus Careline Ltd changed their name to Carline UK Monitoring Ltd [iii] (line 38)

(b) Sometimes trade names rather than the name of the limited company to which the income accrues are used.

Examples

  1. OM Property Management Ltd also trade under the name 'Consort Property Management'. Their web sites states “Consort Property Management is a trading division of OM Property Management Limited. A Peverel Group company.”
     
  2. “Sonata Insurance Services Limited (line 229)  trading as Kingsborough Insurance Services” [iv] (line 30)

(c) Sometimes trade names are used which are the same as or very similar to the names of other non trading subsidiaries within the group.

Examples

  1. Peverel Management Service Ltd (line 9) provides property management to the retirement element of the business. Their web site states “Peverel Management Services Limited trading as Peverel Retirement.”

    At the same time on (line 48) Peverel Retirement Ltd last submitted accounts to Companies House stating that they were “accounts of a dormant company made up to 31/12/09”.
     
  2. The Peverel Group's web site refers to all the property management companies as being part of the “Peverel Property Management Group”.

    At the same time Peverel Property Management Ltd (line 45) last submitted accounts to Companies House stating that they were “accounts of a dormant company made up to 31/12/09”.

NOTE: The accounts indicate that ownership of many of the property management groups sit under the group company Peverel Limited (line 8) which then sits under the control of Peverel Group Ltd ( (line 6).

(d) Movement of trading activities from one subsidiary within the group to another.

Examples

  1. In April 2010 the sites managed by County Estate Management Ltd (line 231) were moved to related [v] property management companies within the group including 'Consort Property Management'.
  2. The Solitaire web site [vi] states “Solitaire Property Management We are shortly changing our name to OM Property Management” (line 231)

(e) The late provision of information to Companies House.

Example

County Estate Management Ltd (line 231) accounts ending 31st December 2007 were not submitted until 1st March 2010. This is more concerning due to the contents of Note 1.1 [vii] to the accounts. The accounts are not qualified and the directors confirm that “No adjustments have been made to the financial statements that would be necessary were the going concern basis to be inappropriate.” However the same note also contains comments which included the following: “However, should there be a worsening of the company’s working capital requirement beyond what is currently envisaged as necessary the company may not have sufficient resources to continue in operational existence. In the opinion of the directors these factors amount to a material uncertainty that may cast doubt over the company’s ability to continue as a going concern.”

f) The use of the term “the Consensus Business Group”.

The group often refers to itself as being part of the “Consensus Business Group”, for example on this link where a “Consensus” representative talked about ‘Peverel Retirement’.

The press continue to report Consensus as being a key company within the overall group. On 7th December 2010 Moneylife reports “For Tchenguiz, environment is a property he can develop, trade and sell to companies and governments. Consensus spends more than £20 million a month on its environmental portfolio, which has more than 200 companies, joint ventures and funds”

On the Consensus Business Group web site the contact us page does not make clear whether this is Consensus Business Group Ltd site or if this site represents the interests of the various group companies as seems to be implied by the rest of the sites content.

Companies House records show the Consensus Business Group Ltd (line 242) [viii] has filed abbreviated small company accounts for a number of years. To do this a company must fall below certain thresholds including a turnover of less than £6.5 million. The 2010 accounts also show no fixed asset investments and no employees, a balance sheet total of (£89,999) [ix]

NOTE: No claim is made that there is anything wrong with the above practices. We state only as a matter of fact that such a structure has made examination a very complicated process. Even at the end of this analysis we are still unclear on the exact role and size of the “Consensus Business Group”.

Other web sites which may contain information about the Tchenguiz group

The Peverel Group are reported as controlling 85% the private retirement management sector. This sector has been the subject of an OFT investigation into exit fees and has been criticised by the lobby group CARLEX who have campaigned against both exit fees and the service charges levied by companies including 'Peverel Retirement'.

In the residential leasehold sector, web sites such as the truth about solitaire lobby against the quality of service and charges levied by Solitaire and other property management companies within the Peverel group. Given the imminent change in name from Solitaire to OM Property Management (see above) this lobby group is due to change its name also.

Listed below is the full listing of companies we believe fall within the group. Intermixed with the property management, ground rent and insurance companies are a whole series of headlease and freehold ownership companies.

Company structure of the residential and retirement part of the Tchenguiz group

There appear to be at least six companies which represent the ultimate ownership of the various operating subsidiaries. These six companies are believed to be registered offshore hence their accounts are not filed at Companies House and we cannot see directly who controls them. However a review of published accounts of a number of the UK based operating subsidiaries shows that ultimate control rests with the trustees of the Tchenguiz family trust.

It is believed that the six companies and their subsidiaries represent the mainly residential and retirement sectors plus other investment projects within the organisation. This part of the group is normally reported as being overseen by Vincent Tchenguiz.

1) Euro Investments Overseas Incorporated - registered in the British Virgin Islands  (BVI) (line 2)

1a) Ferzella Investments Limited - registered in the British Virgin Islands  (BVI) and owned by Euro Investments Overseas (line 379)

2) Aztec Opco (no.2) Limited. (line 215) [x]

3) Amora Limited (line 239)

4) Sunnymist Limited (line 249)

5) Euro Investments Inc (line 341)

6) Wiskay Limited (line 359) 

Company Listing

Colour Code:

key companies in the residential sector

key companies in the retirement sector       

key companies working in both the retirement and residential sectors

1. TCHENGUIZ FAMILY TRUST
2.     1) EURO INVESTMENTS OVERSEAS INC VIRGIN ISL.
3.          SILVERSILK INVESTMENTS LIMITED VIRGIN ISL        
4.             AZTEC OPCO DEVELOPMENTS LIMITED  14/3/11 reported as in ADMINISTRATION      
5.                 AZTEC ACQUISITIONS LIMITED         14/3/11 reported as in ADMINISTRATION
6.                     PEVEREL GROUP LIMITED     14/3/11 reported as in ADMINISTRATION   
7.                         EMPLOYCASTLE LIMITED        
8.                         PEVEREL LIMITED         14/3/11 reported as in ADMINISTRATION
9.                             PEVEREL MANAGEMENT SERVICES LIMITED  (trading as Peverel Retirement)    
10.                                 BALFOUR HOMES MANAGEMENT LIMITED        
11.                             PEMBERTONS RESIDENTIAL LIMITED        
12.                                 KING GEORGE COURT MANAGEMENT LIMITED        
13.                                 RENAISSANCE MANAGEMENT SERVICES LIMITED        
14.                                 PEVEREL SCOTLAND LIMITED        
15.                                 RETIREMENT HOMESEARCH LIMITED        
16.                                 PEMBERTONS MAINTENANCE TRUSTEES (ALDFORD HOUSE) LIMITED
17.                              CAVENDISH MANAGEMENT (NORWICH) LIMITED        
18.                             MERIDIAN RETIREMENT HOUSING SERVICES LIMITED        
19.                             MERIDIAN PROPERTY GROUP LIMITED        
20.                                 MERIDIAN RETIREMENT HOMES LIMITED
21.                             RETIREMENT CARE (SOUTHERN) LIMITED        
22.                             R.C. (HOLDINGS) LIMITED    
23.                             PEVEREL BUILDING TECHNOLOGIES LIMITED
24.                             PEVEREL REAL ESTATE LIMITED        
25.                                 EDGEWOOD RETIREMENT DEVELOPMENTS LIMITED   
26.                                     RETIREMENT CARE LIMITED        
27.                                         FERNDALE RETIREMENT MANAGEMENT LIMITED   
28.                                 BROOK FARM COURT MANAGEMENT LIMITED        
29.                             RETIREMENT MARKETING SERVICES LIMITED        
30.                         KINGSBOROUGH INSURANCE SERVICES LIMITED    
31.                         PEVEREL GENERAL CP LIMITED        
32.                         FLATLAUNCH LIMITED
33.                         PEVEREL OPERATIONS PD LIMITED        
34.                         PEVEREL HMF LIMITED        
35.                         MERIDIAN NEW HOMES LIMITED        
36.                         OM NOMINEE SERVICES LIMITED        
37.                         OM PROPERTY MANAGEMENT LIMITED  (Also trades as Consort Property Mgmt)   
38.                             CARELINE UK MONITORING LIMITED                    
39.                                 CIRRUS COMMUNICATION SYSTEMS LIMITED        
40.                                     PEVEREL CIRRUS LIMITED        
41.                             INSTANT FIRE PROTECTION LIMITED        
42.                         PEVEREL FREEHOLDS NO.2 LIMITED        
43.                         PEVEREL INVESTMENT PROPERTIES LIMITED
44.                             MACLAREN MANAGEMENT SERVICES LIMITED   
45.                         PEVEREL PROPERTY MANAGEMENT LIMITED    
46.                         PEVEREL PROPERTY SERVICES LIMITED        
47.                             PEGASUS COURT CHELTENHAM (MANAGEMENT) LIMITED
48.                         PEVEREL RETIREMENT LIMITED (last accounts show it as a dormant company)   
49.                         SOLITAIRE PROPERTY MANAGEMENT COMPANY LIMITED        
50.                             PEGASUS COURT (BOURTON-ON-THE-WATER) MANAGEMENT LIMITED    
51.                             PEGASUS COURT (BARNWOOD) MANAGEMENT LIMITED        
52.                             PEGASUS COURT (FLEET) MANAGEMENT LIMITED        
53.                             PEGASUS COURT (BROADWAY) MANAGEMENT LIMITED        
54.                             PEGASUS COURT (PAIGNTON) MANAGEMENT LIMITED        
55.                             PEGASUS COURT MANAGEMENT LIMITED        
56.                     PEGASUS THAMESNORTH MANAGEMENT LIMITED
57.         ADVENTINO LIMITED     VIRGIN ISL   
58.              FAIRHOLD HOLDINGS NO.3 (RPI) LIMITED        
59.                 BRADPASS LIMITED        
60.              FAIRHOLD HOLDINGS NO. 3 (APPTS) LIMITED        
61.                 RQ BLOCKS E AND F LIMITED        
62.              FAIRHOLD HOLDINGS NO. 3 (HOUSES) LIMITED        
63.                 CANARY SOUTH (GROUND RENTS) LIMITED        
64.                  HOUSE FREEHOLDS LIMITED        
65.                  FREEHOLD PROPERTIES 28 LIMITED        
66.                  FREEHOLD PROPERTIES 30 LIMITED        
67.                  AVONBRAID LIMITED        
68.                  FELLWAY LIMITED        
69.          ALTRACIA LTD VIRGIN ISL
70.              IRONHOME LIMITED        
71.         CHALENTINA LIMITED  VIRGIN ISL       
72.              FAIRHOLD HOMES INVESTMENT (NO.13) LIMITED        
73.                 FAIRHOLD HOMES (NO. 16) LIMITED        
74.                  LITTONACE (NO. 11) LIMITED        
75.          CLASSIRA LIMITED  VIRGIN ISL       
76.              FAIRHOLD HOLDINGS (2008 Q4A) LIMITED        
77.          CORALWAY PROPERTIES LIMITED     VIRGIN ISL   
78.              FAIRHOLD HOMES INVESTMENT (NO.16) AL LIMITED        
79.                 FAIRHOLD HOMES (NO. 19) LIMITED        
80.          DIORAMA INVESTMENTS LIMITED     VIRGIN ISL   
81.             FAIRHOLD HOMES INVESTMENT (NO.17) LIMITED        
82.                  LITTONACE (NO. 14) LIMITED        
83.                  FAIRHOLD HOMES (NO. 20) LIMITED        
84.          EVANELLE LTD     VIRGIN ISL   
85.              LINECROFT LIMITED        
86.          FAIRHOLD FINANCE HOLDINGS LIMITED     VIRGIN ISL   
87.              FAIRHOLD FINANCE LIMITED        
88.                  FAIRHOLD HOMES (NO.6) LIMITED        
89.                  FAIRHOLD HOMES (NO.7) LIMITED        
90.                  FAIRHOLD HOMES (NO.8) LIMITED        
91.                  FAIRHOLD HOMES (NO.9) LIMITED        
92.                  FAIRHOLD HOMES (NO.3) LIMITED        
93.                  MEDIABASIC LIMITED        
94.                  FAIRHOLD HOMES (NO. 13) LIMITED        
95.                  LITTONACE (NO. 10) LIMITED        
96.                  LITTONACE (NO.8) LIMITED        
97.                  FAIRHOLD HOMES (NO.5) LIMITED        
98.                     FAIRHOLD HAVEN LIMITED        
99.                  FAIRHOLD HOMES (NO.10) LIMITED        
100.                  FAIRHOLD HOMES (NO.11) LIMITED        
101.                     FAIRHOLD HOMES (NO. 14) LIMITED        
102.                  LITTONACE (NO.2) LIMITED        
103.                  FAIRHOLD HOMES INVESTMENT (NO.5) LIMITED        
104.                  FAIRHOLD HOMES INVESTMENT (NO.6) LIMITED        
105.                 LITTONACE (NO.5) LIMITED        
106.                 FAIRHOLD HOMES (NO. 15) LIMITED        
107.                 FAIRHOLD HOMES INVESTMENT (NO. 7) LIMITED        
108.                 FAIRHOLD HOMES INVESTMENT (NO.8) LIMITED
109.                      LITTONACE (NO. 7) LIMITED        
110.                 LITTONACE HMF LIMITED        
111.                 FAIRHOLD HOMES INVESTMENT (NO.11) LIMITED        
112.                     LITTONACE (NO.9) LIMITED        
113.                 FAIRHOLD HOMES INVESTMENT (NO.12) LIMITED        
114.                 LITTONACE HMF NO.2 LIMITED        
115.                 FAIRHOLD HOMES (NO.4) LIMITED        
116.                 FAIRHOLD HOMES INVESTMENT (NO.2) LIMITED        
117.                 FAIRHOLD HOMES INVESTMENT (NO.3) LIMITED        
118.                 LITTONACE (NO.3) LIMITED        
119.                 LITTONACE (NO.4) LIMITED        
120.                  LITTONACE (NO. 6) LIMITED        
121.         FAIRHOLD PROPERTIES NO. 6 LIMITED        
122.         FRANTINO LIMITED VIRGIN ISL   
123.             FAIRHOLD HOLDINGS (2006) RPI LIMITED        
124.                 DENTBERG LIMITED        
125.             FAIRHOLD HOLDINGS (2006) HOUSES LIMITED        
126.                 CAMPBACK LIMITED        
127.          GOLDEN MIST LIMITED VIRGIN ISL
128.             FREDDIE 2009 LIMITED        
129.                 FAIRHOLD HOLDINGS (2006) APPTS LTD        
130.                      FAIRHOLD (YORKSHIRE) LIMITED        
131.                     GROUND RENT GROUP LIMITED        
132.                     FAIRHOLD KEW LIMITED        
133.                     WENGHOLD LIMITED        
134.                     ACTIONLEAGUE LIMITED        
135.                         AURO PROPERTIES LIMITED        
136.                     FAIRHOLD NW LIMITED        
137.                     LABYRINTH ESTATES LIMITED        
138.         GOLDEN TRUST LTD  VIRGIN ISL   
139.         JASMINA HOLDINGS LIMITED     VIRGIN ISL   
140.             FAIRHOLD HOMES INVESTMENT (NO. 14) LIMITED        
141.                 FAIRHOLD HOMES (NO. 17) LIMITED        
142.                 LITTONACE (NO. 12) LIMITED        
143.         MOORMEAD PROPERTY HOLDINGS LTD BAHAMAS        
144.             FAIRHOLD HOLDINGS LIMITED        
145.                 OWNERS PROVIDENT LIMITED        
146.                     FAIRHOLD LIMITED        
147.                 DEWGIFT LIMITED        
148.                     TYRECARD LIMITED        
149.                 DEVON CHALETS LIMITED        
150.                 SIDEWALK PROPERTIES LIMITED        
151.                 TILEBOURNE LIMITED        
152.                     BACKDEAN LIMITED        
153.                     BACKLANE LIMITED        
154.                     BACKREED LIMITED        
155.                     BACKRISE LIMITED        
156.                     LEVELBASIC LIMITED        
157.                     OWNERS PROVIDENT LAND BANK LIMITED        
158.                     REALGATE LIMITED        
159.                 LYLEBOURNE LIMITED        
160.                     DENETOWER LIMITED        
161.                         DENETOWER INVESTMENT PROPERTIES LIMITED        
162.             ATTIC PROPERTIES LIMITED        
163.         FAIRHOLD SERVICES LIMITED        
164.             ESTATES & MANAGEMENT LIMITED        
165.         OP LAND (NO.1) LIMITED        
166.             LINKSTAFF LIMITED
167.             ROCK ACQUISITIONS I LIMITED
168.             PEVEREL LTC LIMITED        
169.             CONSENSUS BUSINESS GROUP (GROUND RENTS) LIMITED        
170.         PAMBRI INVESTMENTS     VIRGIN ISL   
171.             FAIRHOLD HOLDINGS (2003) LIMITED        
172.                 DAWNHOME LIMITED        
173.                 FAIRHOLD (BRIARDENE) LIMITED        
174.                  LONDON & SUBURBAN PROPERTY CO LIMITED        
175.                 PIERVALLEY LIMITED        
176.                 THE RESIDENTIAL ORGANISATION LIMITED        
177.                 BACKGLAZE LIMITED        
178.                 BACKGREEN LIMITED        
179.                 BACKGAIN LIMITED        
180.                 BACKFIELD (2003) LIMITED        
181.                 BROOKRACE LIMITED        
182.         PROPERTIES LIMITED VILLAMORA     VIRGIN ISL   
183.             FAIRHOLD HOLDINGS (2005) LIMITED        
184.                 CHARTER QUAY LIMITED        
185.                 ST GEORGE WHARF (BLOCK D) RESIDENTIAL LIMITED        
186.                 RQ BLOCK D LIMITED        
187.                 RQ BLOCK G LIMITED        
188.                 FAIRHOLD CLERKENWELL LIMITED        
189.                 HOME HAVEN LIMITED        
190.                 HEADBOOK LIMITED        
191.                 GRADEBAND LIMITED        
192.             ZINDELLA LIMITED VIRGIN ISL       
193.             FAIRHOLD HOLDINGS (2008 Q3) LIMITED        
194.                 ROWAN FINANCE LTD        
195.             FAIRHOLD HOLDINGS (2007 Q4) LIMITED        
196.                 FAIRHOLD ATHENA LIMITED        
197.                 FAIRHOLD PROPERTIES NO. 7 LIMITED        
198.                 TRINITY GREEN REVERSION LIMITED        
199.             FAIRHOLD HOLDINGS (2008 Q1) LIMITED        
200.                 ROSLEB LIMITED        
201.                 CITISTEAD LIMITED        
202.                 CHICHESTER FREEHOLDS LIMITED        
203.                 FREEHOLD PROPERTIES 32 LIMITED        
204.                 HADHAM SECURITIES NO.6 LIMITED        
205.                 FLAMBAYOR LIMITED        
206.                 FAIRHOLD PROPERTIES NO. 4 LIMITED        
207.                 FAIRHOLD PROPERTIES NO. 5 LIMITED        
208.              FAIRHOLD HOLDINGS (2008 Q2) LIMITED        
209.                  SENDTOUR LIMITED        
210.                 KAMARIO LIMITED        
211.                 THEOWAL LIMITED        
212.                 FAIRHOLD APOLLO LIMITED        
213.                 FAIRHOLD ARTEMIS LIMITED        
214.                 FAIRHOLD ATLAS LIMITED        
215.     2) AZTEC OPCO (NO.2) LIMITED        
216.         PEVEREL CBG OPCO LIMITED        
217.             ROADWEALD LIMITED        
218.                 INTERPHONE SECURITY GROUP LIMITED        
219.                     INTERPHONE (CCTV) LIMITED        
220.                     INTERPHONE LIMITED        
221.                     INTERPHONE (SM) LIMITED        
222.                     INTERPHONE (DIGITAL) LIMITED        
223.                     INTERPHONE (SENTRYMATIC) LIMITED        
224.                     INTERPHONE (BIRMINGHAM) LIMITED        
225.                     INTERPHONE (IBEX) LIMITED        
226.                 MINT PROPERTY MANAGEMENT LIMITED        
227.                 PEVEREL CBG SHELTERED LIMITED         
228.                 INTERPHONE FINANCE COMPANY LIMITED        
229.                 SONATA INSURANCE SERVICES LIMITED        
230.             SONATA GROUP LIMITED   
231.                 COUNTY ESTATE MANAGEMENT LIMITED
232.                     COUNTY ESTATE RESIDENTIAL MANAGEMENT LIMITED        
233.                 STONEDALE PROPERTY MANAGEMENT LIMITED        
234.                 COUNTY ESTATE MANAGEMENT SECRETARIAL SERVICES LIMITED        
235.                 COUNTY ESTATE DIRECTORS SERVICES LIMITED        
236.                 SONATA NOMINEE LIMITED        
237.                 PEMBERTONS SECRETARIES LIMITED        
238.                 SONATA PRS LIMITED    
239.     3) AMORA LIMITED    
240.         CIANO INVESTMENTS LTD   
241.             ROTCH LIMITED    
242.                 CONSENSUS BUSINESS GROUP LIMITED
243.             SOFTVALLEY LIMITED
244.             VINCOS LIMITED    
245.                 WALKVALLEY LIMITED
246.                     CONSENSUS INTRODUCERS LIMITED    
247.         VINEGROVE INVESTMENTS LIMITED
248.             ARKMILE LIMITED
249.     4) SUNNYMIST LIMITED
250.         FIVE MILE LIMITED        
251.             BROOKRAIN LIMITED        
252.                 GREENFLAT LIMITED        
253.                     COURTDOCK LIMITED        
254.                         POSTLANE LIMITED        
255.                     RAINWEALD LIMITED        
256.                         DAYVALLEY LIMITED        
257.                             BANKMEAD LIMITED        
258.                             DAWNREAD LIMITED        
259.                             WEALDMIST LIMITED        
260.                         DOVEDREAM LIMITED        
261.                             MILETOWER LIMITED        
262.                         BIRCHLAKE LIMITED        
263.                             DOMECROFT LIMITED        
264.                                 CARPENTER (BATH) LIMITED        
265.                             LANEMORE LIMITED        
266.                             WALLMANOR LIMITED        
267.                             CHARMGLADE LIMITED        
268.                             FOLDLANE LIMITED        
269.                                 CITY & COUNTY (BATH) LIMITED        
270.                             LOGWAYS LIMITED        
271.             RESTMEAD LIMITED        
272.                 DOVEWEALD LIMITED        
273.                     STOREDEAN LIMITED        
274.                 DALEFOX LIMITED        
275.                     ZENMOUTH LIMITED        
276.                         UPPERBRIGHT LIMITED        
277.                     LEAGUEFRAME LIMITED        
278.                     MARTRIDGE LIMITED        
279.                     WAXFORD LIMITED        
280.                         H.A.LEASING LIMITED        
281.                             RESTGROVE LIMITED        
282.                         HOLAW (573) LIMITED        
283.                          FILMCOURT LIMITED        
284.                         VIEWPALM LIMITED        
285.                     TIMECOAST LIMITED        
286.                         PIKEHIGH LIMITED        
287.                         HOLAW (537) LIMITED        
288.                         HOLAW (541) LIMITED        
289.                         HOLAW (539) LIMITED        
290.                         DRIVEWALL LIMITED        
291.                          LIMITED        
292.                         GAINWALK LIMITED        
293.                         PATHCOAST LIMITED        
294.         RIO MONDE LIMITED        
295.             STARLAKE LIMITED        
296.                 TAMEVALE LIMITED        
297.                     WOOLGATE EXCHANGE LIMITED                
298.         VIN-ROTCH PROPERTIES LIMITED INC        
299.             BARTONPATH LIMITED        
300.             HIGHREAD LIMITED        
301.                 CROXCOURT LIMITED        
302.             ROCK DOVE LTD        
303.             ROTCH PROPERTY GROUP LIMITED        
304.                 CAVENDISH SQUARE PROPERTY FINANCE LIMITED        
305.             SECCOM LIMITED        
306.             STEPEND LIMITED        
307.                 HERBFRAME LIMITED        
308.                 HOLAW (323) LIMITED        
309.                 HOLAW (339) LIMITED        
310.                 HOLAW (401) LIMITED        
311.                 BPAR LIMITED        
312.                 MISTLAND LIMITED        
313.                 FROSTLANE LIMITED        
314.                     ABBEYRATE LIMITED        
315.             MIREL-ROTCH INVESTMENTS LIMITED        
316.         ROCKLANE LIMITED        
317.             ROTCH PROPERTIES LIMITED        
318.                 WYN-RO PROPERTY INVESTMENTS (SEA CONTAINERS HOUSE) LIMITED        
319.             SOWCREST LIMITED        
320.                 PRIME ESTATES HOLDINGS LIMITED        
321.                     PRIME ESTATES PROPERTY MANAGEMENT LIMITED        
322.                 SAGEHILL LIMITED        
323.                     UNI LEASE NO 1 LIMITED        
324.             WYN-RO DEVELOPMENTS LIMITED        
325.             PARK ROAD (MEDICAL CENTRE) LIMITED        
326.             HOLAW (403) LIMITED        
327.             ROVELLS LIMITED        
328.             HOLAW (429) LIMITED        
329.             HOLAW (434) LIMITED        
330.             BARTONMOSS LIMITED        
331.             ROTCH 18 (WELWYN) LIMITED        
332.             BOXCREST LIMITED        
333.                 HOLAW (587) LIMITED        
334.             FORDMANOR LIMITED        
335.             VALLEYMILE LIMITED        
336.             ECG (CAPITAL) LIMITED        
337.             LEAFVIEW LIMITED        
338.                 CHOICECOURT LIMITED        
339.             PLACEMANOR LIMITED        
340.             WOODMILE LIMITED        
341.     5) EURO INVESTMENTS INC        
342.         CLAUDINA ENTERPRISES LIMITED        
343.             MEADSAND LIMITED        
344.                 HOLDING & MANAGEMENT (SOLITAIRE) LIMITED
345.             SOLITAIRE REAL ESTATE HOLDINGS LIMITED        
346.                 SOLITAIRE GROUP LIMITED        
347.                     ADENSOUTH LIMITED        
348.                     REDHOUSE INVESTMENT PROPERTIES LIMITED        
349.                     FREEHOLD MANAGERS PLC        
350.                     MORBURY LIMITED        
351.                     PEMBERTONS DIRECTORS LIMITED        
352.                     PROPERTY INVESTMENT PORTFOLIO SERVICES LIMITED        
353.                     SOLITAIRE HOLDINGS LIMITED        
354.                         MOSS KAYE PEMBERTONS LIMITED        
355.                     SOLITAIRE RESIDENTIAL HOLDINGS LIMITED        
356.                         MOSS KAYE LIMITED    
357.                         SOLITAIRE RESIDENTIAL LIMITED        
358.                     VICTORIA INVESTMENTS NO.2 LIMITED
359.     6) WISKAY LIMITED    
360.          AZTEC PROPERTY TOPCO LIMITED        
361.              PEVEREL PROPERTY OWNERSHIP LIMITED    
362.                  RETIREMENT CARE (BH) LIMITED    
363.                  MERIDIAN LAND & INVESTMENTS LIMITED        
364.                      LINCOURT MANAGEMENT SERVICES LIMITED    
365.                  RETIREMENT CARE (MIDLANDS) LIMITED    
366.                  PEVEREL FREEHOLD REVERSIONS LIMITED        
367.                      PEVEREL INVESTMENTS    
368.                          PEVEREL PROPERTY INVESTMENTS LIMITED
369.                         BALFOUR FREEHOLDS LIMITED        
370.                          O.M. LIMITED        
371.              PEVEREL PROPERTIES LIMITED        
372.                  TOR SANDS FREEHOLD LIMITED        
373.              PEVEREL SECURITISATION LIMITED        
374.                  PEVEREL OPTIONHOLDER LIMITED        
375.              MILFORD HOLDINGS LIMITED    
376.              PEVEREL FREEHOLDS LIMITED    
377.                  RENAISSANCE SECURITIES LIMITED    
378.              RETIREMENT CARE (SOUTHERN) INVESTMENTS LIMITED
379.      1a) FERZELLA INVESTMENTS LIMITED    VIRGIN ISL
380.          FAIRHOLD HOLDINGS NO.4 (RPI) LIMITED
381.             DANECARR LIMITED    
382.          FAIRHOLD HOLDINGS NO.4 (HOUSES) LIMITED    
383.              LYLECRAFT LIMITED    
384.          FAIRHOLD HOLDINGS NO.4 (APPTS) LIMITED    
385.              ROWAN LAND LTD    
386.              REVERSIONS LIMITED    
387.              CG THREE LIMITED    
388.              FREEHOLD PROPERTIES 25 LIMITED    
389.              FREEHOLD PROPERTIES 26 LIMITED    
390.              BRADMOSS LIMITED    
391.             HADHAM SECURITIES 4 LIMITED

Companies omitted from this listing

This report has not attempted to detail the pub/restaurant part of the group which may have been as large as the residential/retirement sector in the past. This side of the organisation appears to have been subject to considerable restructuring, as reported in the press.  The role of Robert Tchenguiz is also mentioned in the official report into the Icelandic bank crisis investigation [xii].

DISCLAIMER

A draft of this document has been submitted to a senior director within the group for review. He has declined to comment or advise of any errors. Best efforts have been made to check the accuracy of the company listings however there may be omissions and errors and there will inevitably be changes over time. As at 3rd March 2011 the names listed are believed to be accurate as reported in the above mentioned sources. Should there be any errors we are more than happy to make corrections.

The hierarchy of companies listed reflects that provided in various companysearchesmadesimple reports. Whilst the names in the listings are correct there seem to be some anomalies in the placement of individual companies and their immediate parent companies in this complex group structure. For example Careline UK Monitoring Ltd is shown under OM Property Management but the shareholding states ownership by Peverel Building Technologies Ltd. Given the constantly changing nature of the group and its different reporting dates it was felt better to list the companies’ structure as reported rather than to attempt to reinterpret. These anomalies have no impact on the ultimate overall ownership and control.


Endnotes

[i].Some accounts e.g. Estates and Management Ltd, accounts for 2007, note 15, page 12 also include the statement that control on behalf of the trust is via the Investec Trust (Guernsey) Ltd.

[ii] Companies House Records

[iii] Careline UK Monitoring Ltd, accounts to 31/12/2009.

[iv] County Estate Management  2/2/11 CEM web site

[v] Although the structure diagram shows no direct link between County Estate Management Ltd and OM Property Management Ltd, the published accounts for OM Property Management Ltd to 31/12/2009, note 18, deems County Estate Management Ltd to be a related party due to “a common ultimate parent undertaking and part common Directors”.

[vi] Solitaire web site 3/1/2011 states the name change will occur on the 6th January 2011

[vii] Page 7 of the published accounts and the same statement in the 2008 accounts also published 1st March 2010

[viii] Consensus Business Group Ltd, accounts for 2009, cashflow statement page 6, and ultimate ownership and control details note 12 page 9.

[ix] Consensus Business Group Ltd accounts to 31st May 2010, note 7 investments, page 5 balance sheet and note 5 employees.

[x] E.g. County Estate Management Ltd, accounts for 2008, note 16, page 12.

[xi] See Consensus Web site for their statement on work in the sheltered housing and student accommodation market.

[xii] Report of the Icelandic Special Investigation Commission (SIC), page 8, chapter 21. Also Chapter 2 the executive summary last para page 2.




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