Opinion INTERVIEW
Taking CARE of business
Why take on the role of chief executive at a property group just rescued from administration? lesley Davis talks to Peverel’s Janet Entwistle to find out The Peverel GrouP’s new chief executive
likes a challenge. Engaging, sharp and business-savvy, Janet Entwistle is in no doubt that she has a huge task ahead of her if she is to restore trust in Peverel among its residents and rebuild the company’s status in the leasehold marketplace, following the Group’s rescue from administration last year. It is no secret that Peverel has had serious problems. A year ago its reputation was badly tarnished as the UK’s largest property management company went into administration. Former owner Vincent Tchenguiz was suspected of financial wrong-doing in connection with the collapse of Icelandic bank Kaupthing, although all charges were later dropped. Some of Peverel’s residents were receiving such a shoddy service from property managers that a Google search quickly revealed complaints and horror stories shared on sites such as Peverel Action and The truth about Peverel. However, nine months ago in March 2012 the Group’s fortunes changed. Peverel was rescued by Chamonix Private Equity LLP and Electra Partners in a £62 million deal that substantially reduced Peverel’s debt and brought it back from the brink of financial disaster. The Group also received a boost with the appointment of its new chief executive in the same month.
Having held a number of senior roles in services businesses including most recently BT Fleet, Janet Entwistle has a strong track record of ‘business transformation’. In plain English, this means bringing customers back on board by improving levels of service, business transparency and communication and simply delivering what is promised. All this is then reflected in the bottom line. “It seemed to me that most of what Peverel was doing was good and there was enormous potential for improvement,” says Janet, adding: “most of the existing service failures didn’t seem insurmountable – upsetting, irritating and frustrating yes, but certainly capable of being solved”. The former corporate lawyer admits she was attracted to her new role at Peverel by the
You can’t expect people to deliver if you don’t communicate what you want and identify a clear direction for the company
PEVEREl aT a glaNcE 1982 Established as a subsidiary of McCarthy & Stone 1993 Peverel Group
formed following MBO
1995 Acquired by
Westminster Health Care & Holiday Retirement Corporation
2000 Became wholly
owned subsidiary of Holiday Retirement Corporation
2007 Acquired by Tchenguiz Family Trust
34
advised by Consensus Business Group
2008 Peverel becomes
responsible for Sonata Group of companies from Consensus Business Group
2011 Peverel’s holding
company goes into administration following the arrest of Vincent Tchenguiz by the SFO. Operating companies continue to trade as normal while a new owner is sought. Solitaire Property Management brand ceases
to exist as the company is completely assimilated into OM Property Management. This is the culmination of a three-year, £4 million improvement plan to address Solitaire’s serious historical operational and customer service issues
2012 Rescued from
administration with financial backing from Chamonix Private Equity LLP and Electra Partners LLP in a £62 million transaction that involved a substantial reduction in debt
prospect of using her change management skills to good effect: “When I went to see the new owners, their vision for the company appealed to me and so did the challenge of changing the company for the better”, she says. This objective has been pivotal to the first few months in her new role, with Janet making her first task a major fact-finding exercise to determine how the business works on a day-to-day basis and identifying the priorities for change. “My role is largely a strategic one but I also have to look at each part of the business in detail. You can’t expect people to deliver if you don’t communicate what you want and identify a clear direction for the company,” she says. Issue 13, Winter
Flat Living
