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.
