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Tenants' deposits saved in sale of Carol Frost & Co.
Published on: 22 May 2007
Top 10 business recovery experts Portland today announced that following the December administration of Southsea based property management company Carol Frost & Co., they have successfully sold the business to Fareham based estate agents, Beals.
Carol Frost & Co. managed some 155 local properties on behalf of 107 landlords and 285 tenants from its office in Highland Road, Southsea. It experienced accounting difficulties leading to concerns that tenants' deposits would be lost. Portland, the largest independent business recovery firm in the South, stepped in to prevent any loss of rent or deposits. The Portland team, made up of Director James Tickell and Case Manager Nicola Layland, successfully traded the business on for a month without interrupting the rental flow to landlord clients and successfully concluded a sale following a tender process in which five other property management companies participated.
James Tickell commented: "This was potentially a difficult assignment because of the sheer numbers involved and the need to get an urgent handle on the receipts. We had a large number of calls from both worried landlords and tenants. We had to get a team together to deal with this with only a day's notice. As well as a cash price for the business which is available for creditors, we believe we have located sufficient funds to enable pretty well all of the tenants' deposits to be covered. In addition, the arrangement with Beals is such that they will be allocating this money to the rightful parties and generally moving the business forward in a more ordered manner."
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