Jack Petchey has secretly built up a dominant stake in Teesland, sparking speculation of a potential takeover or liquidation bid. Financial Times
Trefick, an offshore investment company controlled by Petchey, has amassed a 29% stake in Teesland Advantage Property Income Trust, which owns £274m of property across the UK.
Teesland Advantage Property is trading at a 14.5% discount to net asset value, so a sale of the company’s assets could bring an immediate return on Petchey’s stake.
Kevin McCabe, chairman of Teesland, which is the company’s fund manager, has met with Petchey’s advisers to discuss his intentions with his stake.