A useful schematic of the existing and future company structures is given here and above:
This shows that FirstPort takes over all the labour-intensive, troublesome and low-profit property management functions – including, it appears, Kingsborough. On the other hand, Cirrus, Careline UK and Appello stand outside the group and report directly to Peverel’s overall holding company Knight Square.
This is likely to be in order to sell off one or all of Cirrus, Careline UK or Appello … or, conversely, to keep them and get shot of FirstPort.
There seems little other reason to make such a clear distinction between FirstPort property management and the old Peverel building technologies group.
The other curiosity is: why is the Peverel rebrand being done in such a shambolic fashion?
FirstPort has an absolutely minimal website, here, adorned with a yellow kettle. It is hardly indicating the largest property management company in the country. Another one exists for Knight Square, here.
The new companies were registered at the end of July – with only nominee directors – so why isn’t everything in place before announcing the change?
One wonders whether staff are informed of the Peverel rebrand and know that they now work for different companies.
There was one good joke to be found on the new websites here
Has this rebrand been paid for from development service charges?
No, the rebrand will be paid for by the Group.
Yes, but the revenues for the entire group come from … the service charges. No leaseholders, no revenues, no group.
It appears things are happening very fast at Peverel. Sorry … make that FirstPort.