The recent freezing of PS&B's bank account has sparked concern among residents, who are worried about the hundreds of thousands of pounds they've entrusted to the company for service charges and fees. This situation highlights the delicate balance of trust between managing agents and leaseholders, and the potential consequences when that trust is broken.
PS&B, a managing agent for several residential leasehold blocks across Brighton and Hove and the south of England, has been at the center of this crisis. Since February 2026, leaseholders at multiple blocks have been unable to pay service charges or access reserve funds held by PS&B. This has led to a cascade of issues, including the inability to carry out repairs, pay communal bills, and access funds set aside for major works.
The situation is particularly dire for Copthorne Court, where residents are concerned about the £150,000 held by PS&B. Keren Hancox, a leaseholder and director at Copthorne Court, emphasizes the potential disaster if they cannot access this money. The issue extends beyond financial concerns, as it affects the day-to-day management of the building, including fire safety and maintenance.
Vicky Lin, a director of the right-to-manage company for Baltimore Court, shares similar worries. The block has approximately £170,000 in PS&B's frozen account, and residents are deeply concerned about the implications. The inability to pay bills, including communal heating, and the need for significant fire safety work further exacerbate the situation.
The broader impact of this crisis is evident in the letters written by directors of other affected blocks. Paul Johnston-Knight, a director of Blenheim Court, estimates around £640,000 in residents' money is trapped in PS&B's frozen accounts. Bob MacLean, a director at Saxon Court, mentions over £100,000 in funds held by PS&B. These figures underscore the scale of the problem and the potential financial strain on residents.
The situation has also raised questions about PS&B's management and financial practices. The company's inability to communicate and address the concerns of residents is a significant issue. The recent HMRC winding-up petition further complicates matters, suggesting potential financial troubles for the company. The involvement of Lloyds Bank and the MP for Hove and Portslade, Peter Kyle, indicates a broader effort to resolve the crisis.
The freezing of funds and the subsequent inability to manage the buildings' affairs have left residents in a state of uncertainty. The potential legal and financial implications are significant, and the need for transparency and accountability from PS&B is paramount. As the situation unfolds, residents and stakeholders await further developments and a resolution to this complex crisis.
