Britain’s biggest property management company, Peverel, which has properties in Brighton and Hove, has collapsed creating uncertainty for thousands of staff and residents.
The company was placed in administration less than a week after the billionaire brothers Robert and Vincent Tchenguiz were arrested on suspicion of fraud.
Peverel owns Danny Sheldon House in Eastern Road, Brighton, as well as properties in Longridge Avenue, Saltdean, and The Drive in Hove.
The company was quick to issue a reassurance that it would still continue to operate as usual despite being placed in administration.
The Tchenguiz brothers are being investigated by the Serious Fraud Office as it examines the way Kaupthing, the Icelandic bank, went bust.
Vincent Tchenguia blames the collapse of Peverel on his arrest and the arrest of his brother, prompting Bank of America to call in a £125 million loan.