What an utter mess Firstport and ARMA have got themselves into?.
Firstport Retirement acknowledges that they are very unlikely to win any new business in the retirement sector, as new developments will be self managed by the developers (another disaster brewing)
So their strategy is to keep hold of as many developments as they can.
Their plans have taken a blow as in addition to the lost developments in 2014, 2015 has not been a good year either for Firstport Retirement.
Former directors of Peverel/Firstport set up Freemont Property Managers. They maintain a very close relationship with freeholders with whom they worked hand in glove to find ways of deceiving leaseholders of their hard earned money.
Since the separation of the freeholding and managing companies, caused by the administration, the freeholders represented by Estates & Management lost a valuable source of income that was directed to them via Peverel/Firstport.
Since Estates & Management alongside the current directors of Freemont Property Managers happily colluded with eachother, it is only natural that Estates & Management (Fairhold) wish to renew their ties through the use of Freemont Property Managers.
So, in the guise of resident's best interests Louise Smith has been dispatched to encourage residents to move away from Peverel/ Firstport in favour of Freemont Property Management.
Firstport have to face up to their former directors targeting their developments.
And Freemont are making significant inroads into the Firstport management portfolio.
It is believed that the following developments are some of the ones that have been taken away from Firstport by Freemont.
Brittania Court, Downend, Bristol
Admiral's Quay, Bridgewater
Fosseway Court, Clifton, Bristol
Park View Court, Staple Hill, Bristol
Whatley Court, Clifton, Bristol.
Morgan Court, Swansea
So why is membership of ARMA-Q so vital for Peverel/Firstport Retirement?
Clearly they don't need it to win new developments?They have already ruled out the possibility of winning new contracts.
They will also fear not being admitted to ARMA-Q as if Firstport Retirement are not deemed fit to become members, how can other Firstport companies run by the very same people be fit to be members. It makes no sense?
Whilst not suppopsed to be in the public domain, membership of ARMA does allow for managing agents to compete with eachother, but frowns on poaching developments.
Therefore it can be seen that membership of ARMA would be a way of defending themselves from Freemont, who are asociate members.
What then of ARMA?
Could they run the risk of admitting Firstport Retirement to ARMA-Q, whlist the price fixing fraud is far from settled?
Imagine, they were admitted and immediately afterwards it was shown that Firstport Retirement were regularly double charging residents for items covered in their management fees?
Suppose they had been admitted and it emerged they had been charging residents council tax for empty house managers flats?
Or what if they had sold house managers flats, or borrowed against leaseholds that didn't exist?
That it has taken ARMA around 18 months and they still have yet to decide,amply demonstrates the bind ARMA have got themselves in.
About Peverel awaits developments.
