Bloor, FirstPort and the Management Company – Who are They?

By Nige on March 11, 2023 at 5:16 pm
Type: Post Category: Handover
Tags: Announcements | Bloor Homes | FirstPort | Management Company

We have written a lot about these three mythical beings, but do you understand who they are and what the relationship is between them? And why they are significant?

We have summarised the Key Points for those who just want the headlines. For those that would like to read a little more, head to our In-Depth Analysis.

Key Points

• Bloor Homes constructed the properties on The Dovecote and established the Public Open Space (POS). We refer to Bloor Homes as the Developer.
• Bloor Homes established the Dovecote (Drayton) Management Company in 2017 as the company that would be responsible for the POS after Bloor Homes completed The Dovecote. We refer to this legal entity as the Management Company (MC).
• Bloor Homes is responsible for the POS until they successfully hand over responsibility to the MC.
• Chamonix were the Estate Manager appointed by Bloor in 2017 to look after the day to day running of the MC.
• FirstPort took over the Chamonix business back in 2021 and are now the Estate Manager that is looking after day to day running of the MC.
• Prior to handover, Bloor is entirely responsible for the POS and is the controlling party of the MC.
• There is no reason for an Estate Manager to be involved at this point.

In-Depth Analysis

Background

Bloor Homes submitted a planning application in 2015 for the construction of 140+ homes on The Dovecote. One of the pre-requisites of this successful application was to establish a Public Open Space (POS). The question was: how would the POS be managed once Bloor Homes had completed the development?

1. In line with the Section 106 agreement, Bloor Homes (as the Developer) committed to establishing a mechanism for managing the POS for at least 5 years after the development was completed. Since managing estates isn’t Bloor Homes’ core business, they set up the Dovecote (Drayton) Management Company (the Management Company) to take on that responsibility. It also enables Bloor Homes to have a clean break from any responsibility for The Dovecote after work has completed.
2. Chamonix were appointed by Bloor Homes back in 2017 to act as the Estate Manager for The Dovecote. FirstPort has since taken on this role having taken over the Chamonix business back in 2021. Their expertise is in managing estates; not in the regulatory requirements of managing a company. Consequently, they needed to appointment another company to get involved.

3. In order to ensure all of the correct company filings are completed on time, Chamonix appointed a business called Fairfield Company Secretaries Ltd to act as the Company Secretary. Note that Fairfield is effectively controlled by the same group of individuals as Chamonix and has its HQ in the same building.
4. When the development is completed and a handover has taken place between Bloor Homes (as the Developer) and the Management Company, if the residents do nothing, then FirstPort (as the currently assigned Estate Manager) will take over day to day management of the Management Company. From that point onwards, the Estate Manager will be able to start charging residents for their work and expenses involved in running the MC.

Summary

• It’s an intricate network of companies that have been encouraged to engage in a relationship with The Dovecote. All of these companies are trying to generate revenue and make a profit.
• These companies have strategic relationships with each other, with the deliberate aim of generating more and more business opportunities for each other.
• Ultimately there’s only one group of people that end up funding these money-making ventures – the residents.