Police are investigating missing funds and have arrested a member of staff following an investigation into alleged money laundering and fraud at a historic South of England estate agency.

PS&B Estate Management Limited – formerly known as Parsons, Son & Bailey – has been in trouble since at least February when HM Customers & Revenues sought to wind up the firm via a petition in the High Court, one of several such orders in the past few years – although the latest was later dismissed after being settled. The company claims a history going back some 200 years.

But it subsequently emerged that staff at the company had quit after the firm’s Lloyds bank account was frozen and many went unpaid and, it was reported, its Brighton office was shuttered.

Brighton and Hove News also reported earlier this year that leaseholder funds – the company specialises in block management – were in doubt with bills going unpaid, something company boss Peter Hewett denied at the time.

But the firm’s new Revolut account was also frozen and at the same time a Trading Standards investigation into the firm’s activities was launched.

Matters have now taken an even more serious turn with a member of the PS&B team being arrested in Portsmouth as part of a South East Regional Organised Crime Unit investigation, although he was later released under investigation.

Police have confirmed that the 58-year-old man was arrested on suspicion of fraud by abuse of position, contrary to section 4 of the Fraud Act 2006; fraudulent trading, contrary section 993 of the Companies Act 2006; money laundering contrary to Proceeds of Crime Act 2002; and theft.

Client funds

It is reported that PS&B at one point held some £7million in client funds and managed 400 blocks. The three-branch firm 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 and which Hewett is the sole director of, as well as PS&B Estate Management.

The Blue Bombini group’s Companies House listing, along with the four subsidiaries including PS&B Estate Management, show they all late filing their annual accounts.

The problems at PS&B Estate Management may surprise some – the company acquired a local surveying firm in 2021 and appeared to be in expansionist mood.

The Neg has approached Blue Bombini and PS&B Estate Management for comment. Anyone affected should contact Hampshire and Isle of Wight Constabulary by calling 101 and quoting reference 44260266014.

Image credit: PS&B Estate Management Ltd