Two weeks after telling a court it had run out of patience with Vincent Tchenguiz and was taking control of a fifth of his residential freehold assets owing to a £230 million debt, Lloyds Bank has given the tycoon a reprieve.
Its another eleventh hour change in the Tchenguiz storyline, and an abrupt about-turn for Lloyds, which had been wanting the assets handed over as a matter of urgency.
It is unknown whether the dispute concerned Tchenguiz’s retirement portfolio, which includes all the McCarthy and Stone freeholds, or other assets.
Tchenguiz owns 250,000 freeholds – the largest private portfolio in the country – and the freeholds of 15,000 homes in London.
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