Vincent Tchenguiz is engaged in a battle for control of Erinaceous with a New York-based hedge fund. The Times. Financial Times

Fursa Alternative Strategies, which has $700m (£343m) of assets under management, has tripled its stake in the troubled property services group to 17%.

Tchenguiz’s Consensus Business Group has hired investment bankers at KBC Peel Hunt to advise on a possible bid.

Sources said Fursa may use its increased stake in Erinaceous, largely held via contracts for difference, to force an extraordinary general meeting, call for a break-up of the business and demand seats on the board.