Vincent Tchenguiz, the wealthy real estate entrepreneur and Robert Tchenguiz’s younger brother, said yesterday that his business remained safely financed in spite of difficulties in parts of his property empire.
Tchenguiz, whose Consensus Business Group is separate from his brother’s operations in spite of joint holdings within the family’s Rotch Property Group, said he was refocusing the company to take advantage of the turbulent circumstances.
'I’ve repositioned the group five times this year,' he said. 'We have got no major loan-to-value covenants and no pressing financings outside some Mickey Mouse stuff. Cash flow is difficult but we are managing.'
Rotch still owns property assets approaching £2bn, including the debt used to buy the assets, while Consensus said it had an actuarial value – based on cash flow – of about £1.4bn.