Thank you to everyone who has contributed and read the news items and posts on this site.
Many have been helped by the advice given by posters and have taken great comfort from knowing that they were not alone and that they were not powerless.
This year saw Firstport having to take the nuclear option of having to sell off the leasehold interests in their house manager's flats.
They were forced to do this as their "owners" would no longer support their debts which were a crippling £39,000,000.
Firstport received £21,000,000 as part of a sale price of £31,000,000. the remaining £10,000,000 being part of a three year paid in advance rent back scheme.
Firstport are trying to maintain market share by either buying up other property management companies (such as Pentland) or by bidding for contracts at new developments at initially loss making prices.
The Firstport business model is very comparable to that of Carrillion and Interserve.
Prior to the sale of house manager flat leaseholds Firstport's debt to value ratio was much worse and they were paying higher interest charges than BHS!
Firstport are still losing developments to Right to Manage actions.
Sadly news of the latest high profile departure is still embargoed for legal reasons.
About Firstport are encouraged for the future of victims of Firstport by the fact that eventually change is coming in leasehold that will make it far easier for residents to escape the clutches of Firstport.
We are also encouraged by the progress that small managing agents such as Select have made and that they have been awarded new management contracts at the expense of Firstport.
That those management contract wins have largely come about by "word of mouth" is very pleasing.
It shows that the potential is there in all areas of the country for trusted Firstport managers to set up as independents and grow their own business.
