Fairhold Holdings Ltd, which is part of the Tchenguiz empire own many of our freeholds (hence the appointment of Peverel to manage our properties) have revealed their latest trading statement. And what a complete mess they are in!
On the bright side a "revaluation" increased their assets by around £6m.
However, they were affected by an inter company loan to IronHome Ltd that could not be repaid. The result was that looses in 2012 of £4,027,913 increased in 2013 to £59,055,578.
In January 20213 Fairhold Holdings were due to pay a loan of £105,547,983, which they failed to do resulting in a default. Bank loan interest rates already at a ruinous 6.46% were increased to 8.4% and £1.6m was required to be lodged with the bank. A special service loan manager was appointed and part of te loan was sold off in the market that specialises in sub prime debt.
It has been decided to allow Fairhold Holdings 2 years to sell off all their assets , as this would generate more funds than liquidating the company (which will be the intention after the sell off is completed)
