More than 70 jobs in the West Midlands have been saved following the rescue of property management services group Peverel after a year in administration.
The group, which has an office in Halesowen and employs scores of other people across the region, collapsed in March last year and had been run by administrators Zolfo Cooper for 12 months.
But Peverel has now been rescued with financial backing from Chamonix Private Equity LLP and Electra Partners LLP in a £62 million transaction that involves a substantial reduction in the borrowings of the business.
Zolfo Cooper was appointed as administrator to the holding companies of Peverel in March 2011 and the operating companies have continued to trade successfully and profitably since then.
Chamonix and Electra Partners have now acquired the business and assets of Peverel and all its operating subsidiaries, which includes the management of retirement and other residential properties, retirement property sales, insurance services and one of the leading telecare and telehealth monitoring businesses.
The acquisition and subsequent plans for the group, including a commitment to investment, safeguards more than 4,200 jobs nationwide across the group.
In the West Midlands, 40 jobs have been saved at its office in Halesowen and a further 30 at sites across the region.