So after all this time sadly Peverel Action has joined TTAS, much to the relief of Peverel. Unfortunate for Peverel then that About Peverel has been launched and as you will see is collecting information and comments to carry on ....
It took a bit of time to get up to speed, but as time has passed it is once more able to offer support for those afflicted by Peverel's management.
About Peverel wishes to thank those whose hard work has made this relaunch possible. [Thanks !]
For those that sent messages to Peverel Action before it caught a cold we have been unable to save those comments. The Add Comments side of things is working well, so for all the supporters "Don't give up! - Keep Posting"
06 July 2020The Truth Emerges!
So we now know that the property management division was separated from the Appello division.
We now know that the former "owners" of Firstport sold off the property management arm to Equistone, whilst they retained the Appello division.
Equistone put in £81.7m on terms that will unfortunately be kept secret until further accounts are published.
As such they are the majority shareholder with Mr Nigel Howell and Mr Oudah Saleh
remaining as minority shareholders.
The borrowings are as follows:
£12.1m term loan facility due October 2025
£52.1m term loan facility due April 2026
£10m Acquisition facility
£7.5 m Revolving credit
The loss making part of Appello was sold to Openview for £2.6m ironically at the same time they were bidding against the very part of Appello for the contracts that Appello were losing money on, Firstport were negotiating the sale to Openview.
One act of desperation in their bid to survive was to sell and leaseback residential house manager's flats.
We now know that is costing Firstport £2m per year in leaseback fees
For anyone wondering who Equistone are, they used to be known as Barclays Capital.
30 June 2020Relief For Stockport Residents.
About Firstport are pleased to report Firstport have lost yet another management contract for a development in Stockport. So it looks like Mainstay will have less to merge with?
This time it is Brindley Court that has awarded a contract to Select Retirement Services after Firstport/E&M deployed all their available resources to fight to keep the contract.
In a futher move, that will cause alarm in the McCarthy & Stone boardroom, two McCarthy & Stone built and managed developments have lost the management contracts. In one case Vernon Court to Select Retirement Services and in the case of Woodgrange Court to Jones Associates.
25 June 2020It's Confirmed!
Well done Julie Bixhall for being first to break the news!
Firstport are merging with Mainstay.
Stand by for absolute chaos!
21 June 2020A Tragic Loss
About Firstport are very sad to report the sudden passing of Louie Burns of Leasehold Solutions.
Louie was a tireless campaigner on behaslf of victims of leasehold.
He used his knowledge against the spivs and sharks so prevelant in the freehold/managing agent sector and freely gave his help to all those that needed it?
He worked particularly closely with the National Leashold Campaign and the Leassehold Knowledge Partnership as well as attending meetings in Parliament and making major contributions to variuos reports on leasehold reform.
He was very skilled in debunking the arguments put up by freeholders/managing agents as they sought to justify the continuing abuse of leaseholders.
Louie Burns. Thank you for all that you have done. Thank you for inspiring so many
You truly lived respected and died regretted.
Rest in Peace.
26 May 2020A Bad Day For Tchenguiz
This time it's Robert Tchenguiz who has a bad day?
As with his brother Vincent their financial empire is extremely complex and their true wealth is hard to estimate given the tendency to candy floss accounting.
Everything keeps spinning and as long as it does not stop spinning no true valuation can be arrived at?
So as with Vincent, it's all smoke and mirrors, with investments being in the name of Tchenguiz but in reality a front based on capital raised from City brokers.
The Tchenguiz idea is generally to build up stakes in companies, force them to divest their assets take a profit and run. He then pays back the loan that paid for the stake and keeps the excess for himself.
Now the last few years have not been kind to either of the Tchenguiz brothers, they have even fallen out with eachother.
About Firstport is pleased to report another financial disaster for Robert Tchenguiz.
He borrowed money to take a stake in the First Group who ran South West Trains asmong other services. He invested between £70-£100m when their shares were running at 90-130 pence a share.
The shares are now roughly 28 pence. His lenders called in the loan, but Tchenguiz could not pay so the lenders forced a sale causing Tchenguiz another thumping loss. City rumours suggest that the lenders are going to take further recovery action against him?
23 May 2020Goodbye Again Nygel
Coming shortly after Nygel Scourfield left the employ of Firstport comes the news that he has now left ARMA (The self regulation body that has served leaseholders so very badly)
Due to the coronavirus ARMA have been forced to cancel their "mickey mouse" Ace Awards ceremony where companies are almost guaranteed an award if they purchase enough tickets?
Unfortunately for ARMA, the evening is a very luctrative source of income for them?
01 May 2020 Urgent Warning! Change Your Password
About Firstport has always warned that the Your Property On Line was vulnerable to being compromised.
Our fears have now come true.
The platform that Firstport sub contract to to provide the on line service has been subjected to a cyber attack.
Despite the Firstport "assurance" that no customer details have bean leaked, they urge everyone that uses their on line services to immediately change their paswords.
Despite the Firstport "assurance" it would be prudent to asume that a third party has access to all customer's personal details including their bank accounts.
28 April 2020The Decline of Firstport Retirement
Retirement Developments under Firstport management:
Still a large number granted, but if we look back just a few years Firstport Retirement were making regular profits in the £2,000,000- £2,500,000 range.
And yet by the end of 2018 they had slipped to a loss of £5,831,741 and had to post a loan write amounting to £7,481,000.
By 2019 it became easier for residents to go Right to Manage, Firstport's defence tactics had been exposed so they found it harder to resist a Right to Manage?
To make matters worse other established property management companies were snapping at the heals of Firstport retirement developments, including unfortunately a substantial amount of developments "gifted" to Freemont, run by former Firstport directors.
A particularly damaging setback for Firstport has occured in the North West, where by dindt of word and mouth Select Retirement has made great progress in winning over former Firstport developments.
Such was the effect on Firstport that in 2019 they were forced into selling the leases on 275 house manager's flats in order to survive until a rescuer appeared.
Whilst this granted them a temporary relief it came at a cost of over £2,000,000 every year in rental for the house manager's flats.
That is the equivalant of their annual profits in the good years when they had considerably more developments under management.
Within two years legislation is expected to be brought in which will make it far less complex for residents to go Right to Manage.
The steady stream of RTM's will become a torrent.
As big as they still are, they have no long term future within the Firstport group, and you can rest assure the new investors Equistone did not invest to lose money.
28 April 2020Takeover denied!
About Firstport have to report that both McCarthy & Stone and Firstport have denied that a takeover is being pursued.
Given the history of both these companies that does not mean it's not happening though?
When referring to allegations of ptice fixing a Peverel/Firstport director said "People are reading into something that is not there" And we all know the result of that?
27 April 2020Sometime In The Making!
According to a comment from Simon Jarvis
Firstport Retirement have been purchased by McCarthy & Stone. Though at this precise moment About Firstport cannot confirm this, several indicators would appear to add substance to this?
In January 2018 Paul Lestor the CEO of former Firstport owners Knight square joined the board of McCarthy & Stone.
Following the refunding of Firstport by Equistone who "lent" £81m to keep Firstport trading when on the point of collapse "liabilities" were transferred to the property management division leaving the telecare/warden call division free of debt. Equistone exist to make a profit on assets and have a reputation for being ruhless in the pursuit of profit. So selling Firstport Retirement would be part and parcel of their normal asset stripping strategy. In the last few days McCarthy & Stone have restructured their shares, which could have been used to fund a large purchase?
Were this to be confirmed, McCarthy & Stone will be inheriting a huge financial and administrative mess, that will impact on residents.
Looking back over many years , it was the abusive relationship between McCarthy & Stone and Peverel/Firstport (under Tchenguiz) where the freeholder and managing agent were in reality one and the same that gave rise to the many issues residents now face?
09 April 2020Goodbye Nygel!
With grateful thanks to Chas, About Firstport has learned that Firstport Managing Director, Nygel Scourfield has with very little notice now left Firstport.
David Young, the Chief Operating Officer, is temporarily taking on his duties until a replacement can be found.
With more development managing contracts being lost, new development contracts being paused and as with every other company Firstport in crisis due to the coronavirus pandemic, this is a really bad time to lose such a senior member of management.
Following the "investment" by Equistone About Firstport signalled that contrary to Equistone assurances major high profile departures were on the cards.
It must signal the departure of Firstport CEO Nigel Howell will come sooner rather than later?