Consensus Business Group, owned by real estate investor Robert Tchenquiz, has indicated it might make a bid or take a stake in troubled UK property services company Erinaceous. Responding to media speculation, CBG issued a statement on Monday to stress that it has not made an approach to Erinaceous and was not preparing to do so. 'However, it is possible that CBG may, in the future, make an approach to Erinaceous,' CBG said. 'Discussions between CBG and Erinaceous are at a very early stage and CBG is considering all of the options available to it which may include an offer for Erinaceous.'
Consensus Business Group, owned by real estate investor Robert Tchenquiz, has indicated it might make a bid or take a stake in troubled UK property services company Erinaceous. Responding to media speculation, CBG issued a statement on Monday to stress that it has not made an approach to Erinaceous and was not preparing to do so. 'However, it is possible that CBG may, in the future, make an approach to Erinaceous,' CBG said. 'Discussions between CBG and Erinaceous are at a very early stage and CBG is considering all of the options available to it which may include an offer for Erinaceous.'
Erinaceous on the edge of collapse - a far cry from the company's spectacular growth since it was established in 1999. Directors conceded that there was 'significant doubt as to the group's ability to continue as a growing concern' after Erinaceous admitted it had breached the covenants of its lending agreements. Its half-year results, released around the same time, showed a pre-tax loss of £3.9 mln (EUR 5.6 mln) at June 2007 from a profit of £12 mln in June 2006. Chairman Nigel Turnbull took over as CEO from Neil Bellis - the largest shareholder - who moves into the role of deputy chairman.