Tchenguiz former property firm says turnaround plan paying off

 
Kasmira Jefford
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PEVEREL, the property services group that was once owned by Vincent Tchenguiz, said yesterday that its turnaround plan was paying off as parts of the business returned to growth last year.

In its first set of results since being bought out of administration, the group said turnover was broadly flat at £72.49m last year while earnings increased by £1m to £13.12m.

“To report robust trading while also successfully executing our transformation programme – refocusing the business for the long term benefit of all its stakeholders – is an excellent achievement,” chairman Paul Lester said.

He said its technologies arm, which installed and managed home security systems, had returned to growth with a 16 per cent rise in earnings.

Peverel is the UK’s biggest residential property manager with 110,000 properties as well as 69,399 retirement flats under management.

It collapsed under Tchenguiz’s ownership in 2011 and was bought a year later by private equity firms Chamonix and Electra for £62m.

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