About Peverel understands that several freeholding companies within the Fairhold Group have defaulted on loans due for repayment in October.
This has triggered a default process in which Fairhold Group companies have a two year period in order to raise funds (by selling more of the group off).
To continue trading, the financial backers have had to lodge £7.6m with the Fairhold bankers so they have operating cash. They have also borrowed a further amount (thought to be £25m) at an interest rate of 12%. Already the interest on this loan has added £8m to Fairhold's debt mountain.
Given their financial uncertanties, it is little wonder that they (through their Estates& Management off -shoot want to "encourage" residents to appoint a "friendly" managing agent such as Freemont.
