A 58-year-old man has been arrested following a police investigation into alleged fraud and money laundering at a South of England estate agency that specialises in block management.
The South East Regional Organised Crime Unit arrested the member of staff from PS&B Estate Management Limited in Portsmouth on suspicion of fraud by abuse of position, fraudulent trading, money laundering, and theft. The individual was later released under investigation.
Financial difficulties
PS&B Estate Management Limited, formerly known as Parsons, Son & Bailey, has faced financial difficulties since at least February when HM Customers & Revenues filed a winding-up petition in the High Court. The petition was later dismissed after being settled. The company claims a history spanning approximately 200 years.
Staff members reportedly left the firm after its Lloyds bank account was frozen, leaving many unpaid. The Brighton office was subsequently closed, according to local media reports. A subsequent Revolut account was also frozen.
Client funds under scrutiny
The firm reportedly held approximately £7 million in client funds and managed 400 blocks at one point. Questions have emerged regarding leaseholder funds, with bills allegedly going unpaid, though company director Peter Hewett denied these claims earlier this year.
Trading Standards launched an investigation into the firm’s activities. The case highlights ongoing concerns about financial oversight in the property management sector, an issue that has also affected other areas of the property industry.
PS&B Estate Management is part of the Portsmouth-based Blue Bombini Group, which operates three estate agencies and a chartered surveying firm covering Brighton, Portsmouth and Bognor Regis. Peter Hewett serves as the sole director of both the group and PS&B Estate Management.
Companies House records show that Blue Bombini Group and its four subsidiaries, including PS&B Estate Management, are all late filing their annual accounts. The firm acquired a local surveying firm in 2021 and appeared to be expanding operations at that time.
Hampshire and Isle of Wight Constabulary has asked anyone affected to contact them by calling 101 and quoting reference 44260266014. The investigation continues as authorities examine the extent of the alleged financial irregularities. The case underscores the importance of regulatory oversight in property management, particularly where client funds are involved, an area of increasing scrutiny as transaction completion rates remain under pressure.
