Swedish Venture Capital Firm takes 75% share of Rendall and Rittner
It would seem that a Swedish venture capital firm has purchased 75% of R&R parent company, Rendall and Rittner Residential Management Ltd.
The Swedish firm is called Fidelio https://fideliocapital.se/ and they have recently set up a company called Wexford Bidco which has taken a 75% interest in Rendall and Rittner Residential Management Ltd.
Duncan Rendall and Matthew Rittner would seem to have stepped down / taken a back seat (no longer persons of significant influence) in the Rendall and Rittner parent company from 12th March 2021, but Duncan Rendall is a director of Wexford Bidco. See link below:
It is not clear why Rendall and Rittner have chosen to do this now (perhaps they have over-expanded and run out of cash?) and the implications of this for residents are not clear but venture capital firms do not usually get involved unless they see the potential for some very serious profits.
Perhaps further evidence that this is not good news for residents is the fact that Rendall and Rittner has not bothered to tell residents anything about this!.
Residents at Rendall and Rittner managed developments should be keeping an even closer eye on service charge accounts.