E&M Proposal to Strike Off
By admin | April 28th, 2010 | Category: Past Articles | 66 commentsIt’s come to our attention that yesterday Estates & Management Ltd (Reg No: 03244100) had their Companies House listing changed and there is a proposal to strike off the company (screenshot below taken this morning)
We are also in receipt of the GAZ1 document entry that details that the Registrar of Companies gives notice of three months, that the company will be struck off and dissolved! (This document is freely available for you to purchase from Companies House)
Click here for the GAZ1 Document
It’s possible that this proposal is because the accounts for E&M are overdue for submission to Companies House and were due on the 31 October 2009 – over 6 months ago.
At present we are not aware of the reason for this proposal, but there must be an underlying reason why 1) accounts haven’t been submitted and 2) If E&M is proposed to be struck off and dissolved suggests something a lot more serious.
E&M have been given 3 Months notice that this will happen and it’s likely that E&M will get this proposal removed, but we thought we’d publish it, especially as many contributors have raised concerns about what ‘may’ happen if E&M, Peverel, Solitaire, CBG were to go out of business.
What would happen if E&M are struck off? Would another CBG company buy up the freeholds and take over? Would an independent company finally have the opportunity to buy the freeholds?
Admin, according to the closing paragraph of the GAZ1 Document “Upon dissolution all property and rights vested in, or held in trust, for the company are deemed to be bona vacantia, and accordingly will belong to the Crown”
Bona vacantia (Latin for “ownerless goods”) is a common law doctrine used in the United Kingdom under which ownerless property passes, by law, to the Crown! Well I’m sure that ‘Her Majesty’ would do a much job as our Landlord than E&M, Peverel, Solitaire, CBG etc. have or could ever do!
Admin, I’m pretty sure that CBG were probably unaware of this development at Companies House before you highlighted it on this web site! I’m sure ‘Andy’ will now have notified their ‘Senior Management’ and that they’ll be on the case! From the general lack of responses we as Leaseholders get from the CBG companies why would they treat Companies House any differently?? Personally I’d be glad to see them struck off! Any company that can’t even submit it’s own accounts in good time should definitely NOT be allowed to keep trading (and taking money from it’s ‘customers’!) and they should not be allowed to just transfer their business and assets to another part of the Group only for it to be run in the same shambolic way again (and again)! No doubt the ‘fire fighting’ that will ensue at Peverel Towers to ensure that accounts are submitted for E&M within the next 3 months to stop this action will also mean EVEN LESS service to it’s customers while they are preoccupied with doing the work that should have been done for last Oct 2009 and also going forwards as they ‘try’ to catch up too!
Very interesting (and perhaps concerning at the same time). E&M are the freeholders for my development, so potentially this could change to the Crown if E&M are indeed dissolved. As Nirmal says, the Crown would no doubt do a much better job as our Landlord than the current set-up (wouldn’t be difficult, to be honest – my parent’s cat would do better…).
Surely CBG must have been aware that this was coming – if they weren’t (and this posting has therefore alerted them), then that surely sums them up perfectly.
If they were in complete denial of the situation, the letter (if you can call it that…) they were issued with by Companies House yesterday leaves no doubt of the situation. So, pencil 27th July into your diary…!!!
Question: if E&M are in this potentially precarious position, how many other individual companies within the CBG family are heading the same way…??? Perhaps “Andy” could confirm…??? (unlikely that he will, I suspect…)
Matt, E&M are the freeholders for my development too and even with the risk of them ‘going under’ for our Development I STILL personally would like to see them struck off!
If your parent’s cat is willing then I’d be more than happy for him/her to take over the running of our Development!
Seriously though, if this is the way E&M keep their own ‘house in order’ then how could we even expect them to keep our HOMES in any reasonable order too?
No doubt that the Senior Management Team at CBG will get this sorted out for them just in time to keep then running and unfortunately for us taking our money!
Well done for spotting this.
In addition to lodging the Annual Accounts, which TTAS writes are overdue, each company has to file an ‘Annual Return’. This gives details of shareholders and directors. E& M will have already been sent two reminders by Companies House so, if they read their post, they should be aware that they are in breach. Failure to submit the return before the due date can lead to the company being struck off and I suggest that this is what has happened here. One possibility is that E&M is owned by another group company, which in turn is owned by another group company, which in turn is owned by . . . Maybe it takes the department concerned a long time to go through all the group companies in order to complete the form!
It’s just symptomatic of the sloppy way that Peverel goes through life and the disregard of the interests of those that are forced to deal with it.
Wow, looks like pretty scary stuff! I doubt very much that they will let it go all the way to being dissolved, but even so, if it does and goes to \the crown\, does \the crown\ have to fulfil the same duties etc?
I’ve just had a further look. E&M submitted its annual return on 30 August 2009. However the accounts for the year ending Dec 2008 have not yet been submitted and these should have been in by 30 Sept 2009. As others have pointed out most public companies that are much bigger than the Peverel group have already published their 2009 accounts.
Interesting facts and discussion.
RTM companies are also under the same Companies Law timescale obligations.
Just thought I’d point this out as I believe I’ve read somewhere that RTM companies have fallen down on this selfsame issue.
I also know of a development with which I was involved many years ago falling behind with submitting their annual accounts and return within 12 months.
Incase my freehold reverts to the crown, i would like to make it clear to the Queen that we on Ravenscroft do not want any corgis on this estate.
Since the Queen will be the freeholder and much better than Peverel or whatever they call themselves this week, it would be appropriate that those that work for peverel should be made to stay in one of the Queens freeholds. Specifically, for those that drink it should have bars, and be termed “At her Majesty’s Pleasure”
Maybe E&M will comply, maybe not? however, this does show what a very weak state they must be in. I speak for so many that are so grateful to those behind this site. You have given us the courage to fight.
We must continue, show them no mercy. We must win We will win.
Andy, might i suggest if you are going to take me to court as i have challenged you to do, it might save a bit of money if you can arrange the court date to coincide with any winding up order against peverel. The cracks in your shoddy little empire are only matched by the cracks in our brickwork after our decorations!
Reply to that Andy!
Thanks admin for the info.
Do not forget, they have been establishing Companies like Corsort, OM Property management which are not limited , therefore no need to publish accounts at the Company house. They are already in position to let the limited Companies go if they so desire.
However, they been trying to collect money from limited Company as well section. Plot thickens.
I do hope that all leaseholders act and serve statutory enfranchisement Notices (under 1967 Act [houses] or s.13 1993 Act [flats]) so as to liberate themselves from a freehold reversioner with a bad track record and public opprobrium. Such Notices will bind the Crown (BV) and the Treasury Solicitor will divi-up the f/r as appropriate before another anathematised freehold reversioner appears and buys the portfolio..
Perhaps those of us living in sites where the freehold is (currently…) owned by E&M should send emails to our respective Property Managers, seeking an explanation as to why our freeholder could cease to exit by the end of July, and what it would mean for the overall running of our respective developments if the freehold was to pass to the Crown by default, as seems to be the case.
Perhaps CBG are of the belief that should E&M be struck off, the “freehold interest” of all current E&M properties would be transferred to another CBG entity. This seems not to be the case…..
Any property expert legal bods visiting this website care to comment…???
Perhaps we should also ask a direct question about whether the current management company for our particular development (Solitaire in my case) are worried, as should E&M get struck off, the current cosy relationship between the freeholder & the management company (i.e. they are effectively the same company…) would disappear overnight.
Does the Crown have their own preferred management company for properties they own the freehold of…??? If they do, what odds on it not being part of CBG…???
I think a comment / clarification / explanation from “Andy” on the situation regarding E&M is required ASAP…..
Me Again!
Try this gang!
Companies Investigation Branch
Ground Floor,
21, Bloomsbury St
London WC1B 3QW
Tel 0207 5966100
According to E & M’s website, they now manage the freehold interest of almost 300,000 residential units throughout the UK.
A simple request as to what is going to Solitaire – provokes a response of the following from FB … “Neither CF or I will be able to assist with this enquiry as we do not have any direct involvement with that part of the group business.
As I note this is on the TAS website I believe this will be responded to through TAS by the teams who deal with the media communications.”
[ADMIN EDIT - 30.04.10]
Solitiare / Peverel employees were named in this post and we have replaced them with their initials
Ahhh – seems that if you press them, send your enquiries to enquiries@e-m.uk.com
David Miles,
Would that be Cassandra, the daughter of Priam the King of Troy, who was condemned by Apollo to prophesy correctly but not to be believed?
Archangel,
Possibly you are right but it is all Greek to me!
In my oponion it was grand plan of sand castle and some of
you been blowing in the wind to damage it.
1. Brrowed money to invest further. 2. Increase the service charge.
3. Put over charged invoices (worked done or not made
no difference)
4. Claimed money from the insurnce Company.5. The same work was done
over and over again. 6. Carved the ltd comapanies to smaller companies.
7. They would probably would have been sold if some of you would not butt
in.
Shame on …….!!!!!!
So, Fleur Bowen has passed this over to “Andy” to provide us with answers. No surprise there, then.
So, “Andy”, spill…..
Been thinking about this a bit more, in terms of the potential financial implications for CBG, if (and I think it’s a big “if”) Estates & Management Ltd are struck off, whilst still being the freeholder of around 300,000 properties.
I pay E&M £30 per annum in Ground Rent. Assuming this figure is the norm, £30 x 300,000 properties equals £9m per year. So at a stroke CBG could lose £9m in annual income, for which they actually seem to do very little…..
Then consider the value of the E&M property portfolio. What (on paper, at least) are these 300,000 properties worth as assets to CBG…??? I’m not sure how the value of the freehold on a development is calculated, but my flat (leasehold obviously, with 107 years left on the lease) is worth around £110,000, and there are 44 flats in total here, so the open market value of the flats as a whole is somewhere in the order of £4.8m. But this doesn’t include the value of the common parts, or the land as a whole. How do you work out the freehold value…???
At a ball-park figure of only £50,000 per property, that would equate to £15 billion…!!! OK, they can’t ever realise the true value of the E&M portfolio as hard cash (unless they start selling off individual development freeholds…), but the hit on CBG as a whole could be immense….. And it would (presumably) happen overnight…???
And if E&M own the freehold interest on 300,000 properties, how many more are owned by other CBG companies? What percentage of CBG’s overall freehold ownings do these 300,000 properties equate to…??? A very large percentage, I’m assuming. Anybody know how many more properties are owned by other CBG companies / by CBG as a whole…???
I cannot believe that CBG will let E&M be struck off & dissolved whilst still being the freeholder of 300,000 properties – unless they want rid (which surely they don’t)? In which case, will they simply rectify whatever the problem is that has lead to the proposal to strike off (if so, why have they let it get to this stage?), or will they start carving up the E&M portfolio to other in-house companies…??? How quickly can the freehold interest on a development be legally transferred to a separate (but related) company…???
Questions, questions…..
I thought E & M just collected ground rents on behalf of the actual freeholder, which in our case is Peverel Properties Ltd
Matt I think they had a plan which in my oponion may be back firing.
If the lease mention their name and they no longer operational then
there is no legal binding contact. I am wondering if any buyer
would buy the Company with the law suit to follow one after the other.
The leasholder Management buy out might be option.
Let us think postively to shift to our advantage. It is perfect
time for us to take control. The Petition might help us further.
Charles,
I believe on our estate E&M are collecting on behalf of Peverel. However, they appear to have been used to take the flak to keep Peverel safe. If E&M goes than peverel are exposed to the full ferocity of our anger. It is a major breach in their defences.
Trust me they are taking huge hits They are buckling, When it comes the collapse will be quick. Keep going everyone!
Matt, Charles Johnson & Michael Epstein,
E&M’s website indicates that they manage ground rents on behalf of freeholders / landlords.
As a rule of thumb I believe that a freehold value (per unit) is reckoned to be between 12 – 16 times the annual ground rent. So if ground rent is £30 a year = £360 to £480 per unit.
Jeffrey,
Well said.
Regrettably there are already other “shelf” companies buying up the freeholds that the main developers are selling off as soon as the last properties on their leasehold developments are sold. I put comments regarding this on TTAS some months ago – 25 separate freeholds (where all leaseholders would/should have been offered the Right of First Refusal) sold across the UK on 1st July 2009 with a massive loan from Barclays Bank – to quote just one example that I know of.
Plus ca change plus c’est la meme chose – unless leaseholders and potential leaseholders empower themselves and demand change to the law.
E&M are the ground rent collecting part of Peverel/CBG, this looks like a company that might be having accounting troubles.
So I think this is how they collect money from us;
CBG – Manage the running of Peverel,E&M, Retirement business.
Peverel – collects service charges for Peverel,Consort,Solitaire,Pemebertons,Stonedale and County Estates Management.
E&M – collect the ground rents for the various Peverel owned companies.
Kingsborough Insurance – are they used to cover all CBG run properties? do we pay them as well?
They make a lot of money for not alot back in return.
Where do Transcape fit into this – despite FB and CF at Solitaire telling us for years that the Freeholder was E & M, E & M are now washing their hands and telling us that the Freeholder is Transcape Limited – which is a company registered at the same address as all the others – 302 Regents Park Road
[ADMIN EDIT - 30.04.10]
Solitiare / Peverel employees were named in this post and we have replaced them with their initials
It’s all a bit murky, isn’t it…???
Come on “Andy”, let’s have your comments on what is going on with E&M, and what the implications could be for those of us who live in developments where the “freehold interest” is (from what we’ve been previously told…) owned by E&M.
Or are the 300,000 leaseholders in E&M’s properties about to receive letters advising that the “freehold interest” has been transferred to ANOther Ltd…???
As things stand, the company who (apparently) own the “freehold interest” for the development I live at will cease to exist in less than 3 months’ time. What is going on, “Andy”…???
David – welcome to the intertwined world of Consensus Business Group!
Their web site makes me laugh:
“Experts at Finance. Imaginative in Business.
Consensus is a multi-faceted principal advisor to the trustees of a Family Trust, its ultimate beneficial owner. The core business includes structured finance; the acquisition and management of commercial and residential real estate; and a substantial portfolio focused on the environment, new technologies and technology start-ups.”
Should this not instead read ‘Experts in Fleecing. Imaginative in ways to make your life miserable!’ Multi-faceted should just be multi-faced (quite literally with all the companies under the Group!) and “its ultimate beneficial owner” should probably read the tourist industry in St Tropez
Hi Guys ,
The freeholder or your block should be named on your annual ground rent bill but since E&M are known to make payment demands which may not be a provision under the lease, the name on the bill may not be correct. I suggest that all of you BUY a copy of the “Freehold title” from Land Registry Online ( costs 4 pds) for your own block to identify the name of present freeholder company. This title will show the title holder , date of transfer and finance company – holder of any loan charge.
It won’t show E&M as “freeholder” . Then go to Companies House website and buy a copy of the annual accounts ( 1 pds each ) for E&M and whatever company is the freeholder for your site.
Then we can compare .
To: Charles Johnson
What is the date of transfer of your site freehold to Peverel Properties Ltd ? I think Peverel Group was sold Consensus BG in 2007 and the freeholds were transfered to Peverel Properties Ltd (owned by CBG ) in summer 2008- less than 2 years, so is “Right of First Refusal offer owing to many Leaseholders ????
Bruce, I’ve explored the apparent ‘changes’ in Freeholder of our Lease (after E&M started collecting our Ground Rent a few years ago now) and believe, or so I have been told(?) that as the ‘activity’ constituted a ‘transfer’ of the lease and not specifically a ‘sale’ then the “Right of First Refusal” was not applicable in that case – though nobody really seems sure about this so if there are any legal eagles out there who can clarify then that would be much appreciated! Thanks.
“RFR” is provided by Part 1 of the Landlord and Tenants Act 1987. There are exclusions like selling a freehold to a company that has been associated for more than 2 years. There is seemingly an exclusion for disposals that involve a mortgage or loan too.
Good reading here at Lease http://bit.ly/dgkNR9 and more in depth here http://bit.ly/cxAThe.
Michael, I agree with you I have been sensing the “ripple affect” since 2007, sinking everything in it because there is no lifeline or paddle …….!!!!!
Once upon a time some financial climbers were gone to the attractive heights and now might be coming down to earth to face the music. In my fight I have dealt with quite a few so one may say from my personal prosepective.
One of the local Estate agents in E 14 informed me that they took PMC to court on behalf of their Landlord as they manage the property for them. The Estate agent won the case because no one from PMC turned up at the hearing. Perhaps Andy can give his version.
God forbid, if PMC is not in position to settle all the claims logged against them which appears to be mushrooming all around and someone hires bailiffs M. knocking at PMC door to collect the debt……!!!!!!
CBG, OM PROPERTY MANGAGMENT, PEVEREL AND OTHERS FOUND MISSING,
IF SOMEONE OR ANDY KNOWS WHAT HAPPEN IF TRACED THEM PLEASE LET THE OLD
WOMEN OF 63 KNOW, WHO NEEDS THEM BADLY TO COMPENSATE HER.
MISSING SITES WERE DEDUCTED AT 9 AM
OK, I want to check if my property is involved with E&M, I am pretty sure it isn’t but I want to make sure!
On the letter that is sent out to collect the ground rent it has words along the lines of “this has been made on the request of …” and then my developer (Taylor Wimpey) is listed with their address. Then in all the documents from my solicitors there is the land registry documentation which has my name, peverel OM and Taylor Wimpey listed on it.
Does this mean Taylor Wimpey owns the freehold of my development?
Bushbrother,
From the brief detail you give, it certainly looks as if you freeholder is Taylor Wimpey and will be referred to as “the Lessor” on your lease.
How old is your site? I am surprised that the developer has hung onto the freehold. If it’s a newish site, you may find that you get a “Right of First Refusal” from the developer when they decide to sell on the freehold on the open market.
My advice to you would be to start preparing to buy the freehold at the same time as you are going RTM. If you are not offered the Right of First Refusal, then I would recommemd Collective Enfranchisement in which you (collectively) apply to buy the freehold.
Under Right of First Refusal you need 51% of lessees to agree and join in but under Collective Enfranchisement you need 50% – same as RTM.
Archangel, thanks for the replies, I will check the lease, but I am pretty sure I remember seeing Taylor Wimpey in there too.
The development is only 2 years old, would we be notified if they intend to sell the freehold?
Bushbrother, I own newly built flat since 1998 and my lease still shows Redrow, the builder as Lessor( freeholder) as the lease does not change names once registered.
Taylor Wimpey is the builder who created the lease and then most probably sold to one of the PMC Companies.
The current freeholder is us the shareholders under the name Stuart Court Limited, which is not recorded in the lease.
However, the land registry do record the name of the leaseholders as they change hands.
As far as I know the Lessor/ freeholder name is not registered as they change hands so PMC is able to hide the identity of the freeholder if they choose too.
I have pointed that in my early correspondence to make changes in the law so freeholder/Lessor name must be listed on the land registry too just like leaseholders.
I hope that shed some light and to be added for reforms.
Hi Bushbrother,
A very new site then, as I guessed. Are all the leasehold properties sold yet? Freehold unlikely to be sold on until all properties ahve been sold.
Yes, by law all leaseholders have to be given “the right of first refusal” if the freeholder / lessor intends to sell. Unfortunately the time scale for the leaseholders to acept an offer in impossibly short (2 months from date of offer)and the more so on a very new site where leaseholders barely know each other (let alone decide to buy their freehold together!) and many of the properties may be “buy-to-let”. Another issue is that the leaseholders have to have a “nominee” to buy the freehold on their behalf. This is usually a nominee company formed specifically for this purpose and in whish all participating leaseholders hold a share. So yes, you’ve guessed it – this is a different compnay sructure to that required for Right to Manage!
Some law to navigate your way around – who wins? The professionals!
Nicky,
I note your comments above, but I find it improbable that the current freeholder is not recorded on the current Land Registry title deed?
Title deeds, as I and many others have stated to-date, can be purchased online for £4 each. For a leasehold property there will be 2 records per property – leasehold and freehold.
The price paid for a freehold and any charge (loan) are not always displayed on the online, but these 2 documents can be purchased by postal application to the appropiate Land Registry office for £12.
Yes the costs of being a leaseholder certainly mount up!
Archangel,
Peverel subdmitted a lease to take me to court which still has Redrow as the lessor . I will check it to make sure and let you know in few week time when I can have access to quite a few other registry and will down load mine too to compare who is who.
Guess what?
The “Solitaire” name is to be phased out by the end of 2010 and replaced with….yes, you’ve guessed it “OM Property Management”!
(source of information? the post by online “Andy” on the “What would you do” post)
You can go to “find a property” at http://www.landregistry.gov.uk ( open during 7a.m – 12.am ) and enter the post code of your own property , and you will be offered choice of leasehold title or freehold title to buy at 4 pds each and pay by credit card. (The holder of the freehold title should match the name shown on your ground rent demand.)
To buy the latest company accounts from http://www.companieshouse.gov.uk –
after you bring up the company basic record ( commencing date , address details are FOC ). Click on “order info on this company” which brings up a list of past filings , and look for filings type “AA” for accounts and “395″ for mortgage loan which can be bought online for 1 pd each.
So, still no comment from “Andy” to tell us what is going on with E&M, and the proposal to strike them off.
He has commented on another thread stating that there is “no issue on the financial health of the Peverel Group in general or OM Property Management in particular”. Well, that’s good to know, then. Still ignoring the E&M situation, though…..
Matt,
Forget about baiting Andy, he works as PR for Consensus Business Group and is not here to satisfy leaseholders demands for fair traetment.
Have you bought an update copy of the freehold title for your estate from Land Registry Online ( http://www.landregistry.gov.uk ) to see which company really owns the freehold title for your block?
Have you been informed by letter of change of freeholder ?
Bruce,
I’ve just purchased a copy of the freehold title for my development from the Land Registry, which advises that the Registered Owner(s) are “Holding & Management (Solitaire) Limited”. So, one of the CBG family – no surprise there.
When I first bought my flat (June 1999), the freehold interest in the development was owned by Solitaire Property Management themselves. I then did receive a letter (several years ago now – will have to check the date when I get home tonight) which advised that the freehold interest was transferring to Estates & Management Limited, and from then on I have paid £15 to E&ML every 6 months for Ground Rent. I’m sure I’ve not received any further communication advising on a further change from E&ML to H&M(S)L.
So, how do I find out on what date the current freeholder became the registered owner? This information is not shown on the 1-page “Register Extract” that I have just purchased from the Land Registry…..
And I assume that the apparent change from “E&ML” to “H&M(S)L” should have been communicated to me, as a leaseholder? If this hasn’t been done, what are the implications on the freeholder…???
This is a message for any company that might be thinking of getting involved with E&M or Om or Peverel as i know that what is going on is the talk of the property world.
If any company somehow takes over the Management of the Ravenscroft Estate or the freehold in any capacity, Peverel Om or Peverel will not absolve themselves of their responsibility, however any new company will not be able to say, let us start afresh. Any new company will be taking on the problems, the same problems that are in my opinion bringing them to their knees, will do the same to any company that gets involved. I also warn Peverel not to try any tricks with a new company that is part of your group.
Matt,
I would expect the copy of your freehold title to show the names of previous freeholders and dates, list of leasehold properties and title numbers which come under the freehold title and identify the finance company which has made loans against the property title.
Can you contact the Land Registry office to enquire how to buy a full copy of the freehold title?
To – Nirmal, Michael Epstein and others ( with E&M as Freeholder )
-please buy a copy of freehold title and tell us name of freeholder company .
To- Charles Johnson,
What is date of transfer to Peverel Properties Ltd shown on your freehold title ? My question was asked on 28th April
David Miles
Ref your post 29th April, the Companies House records show that the Registered address for Transcape was changed to E&M s address in Nov 2008. Also Transcape was incorporated in Oct 2006. Was your site completed after Oct 2006 ?
Please buy a copy of the freehold title and check dates and name of freeholder and name of finance company holding any charge on the title, if any.
Just received my ground rent demand for the half-year. It has no company name on it anywhere other than “payment to be made to OM property management”. I was under the impression this demand for payment had to have the freeholders address on it?