Firstport (Peverel) were gifted leasehold interests on house managers flats which created an asset that Firstport (Peverel) borrowed against. it is believed that in some instances the restriction of it being a house manager's flat was not declared to the lender as this would have reduced its value.
As Firstport (Peverel) slipped into deeper debt and the chance of discovery of the true value of pledged assets increased it became clear that a sale of these assets was needed, not only to raise funds but also to "right the wrong" of the value of pledged assets.
Now because it is part of the lease and it is someones home and job, Firstport cannot simply sell a residential house manager's flat?
They needed to persuade both the house manager and residents to change.
What they never did was to declare to residents that they had a financial interest in the house manager's flat. Nor did they declare that the area manager would be paid commission if the change away from residential manager was agreed to? And it was not disclosed by the house manager that they too had a financial incentive.
The process would begin with a letter to the House Manager, which stated that a "house manager's flat could not be sold without the agreement of residents and house managers"
"However an opportunity has been identified at your development"
The house manager is then offereed the following:
Financial payment incentive, an increae on previous payments based on the value of the property.
Tailored package to assist you through any changes.
Support in sourcing alternative accommodation from HR department, social or private sector.
Opportunity to purchase the house manager's flat at a discounted price.
Retirement Homesearch commission on sale of the apartment
Opportunity and support to change working hours.
The letter continues with:
I appreciate this is a sensitive subject. At this stage can I ask you not to discuss this matter with residents and their families.
The author of the letter left the employ of Peverrel/Firstport within days of it being accidentally revealed.
As for ARMA, they investigated Peverel(Firstport) Retirement as part of their accreditation process. Nearly 4 years on ARMA still will not admit Firstport Retirement.
ARHM found that Firstport could have "communicated better" and now have Samantha Gibson on their board of management.
