David and Sara Corry dreamt of a peaceful retirement in their seaside apartment overlooking Plymouth Hoe. Instead, they’re retreating to bed by early evening just to escape overwhelming anxiety about missing funds and unfinished repairs.
The building in which they live, Azure, is one of several properties across Devon where residents claim a management company has mishandled their money, leaving crucial maintenance work incomplete and reserve accounts inaccessible.
Devon Block Management (DBM), run by Sean Nicholson, faces fraud allegations from multiple apartment buildings. The company is under police investigation for allegedly misusing funds, including government grants meant for fire safety improvements.
Mr Corry is a retired police officer volunteering as residents’ association chair. He says that DBM stopped paying contractors working at Azure on cladding remediation funded by taxpayers. When he questioned where the money went, he contacted authorities. The ordeal has caused him significant weight loss and constant worry about letting down his neighbours.
“Our forty-year marriage nearly collapsed,” Sara Corry revealed, explaining she feared facing angry residents and had stopped leaving home.
At Westbury Court in Devonport, homeowners paid thousands to DBM for roof repairs, however work was halted when the contractors revealed they hadn’t received payment. Theresa Farley, who chairs that building’s management company, believes over £70,000 should be available, yet the roof continues to leak, causing damage to properties.
Residents have taken DBM to court, securing a judgement in excess of £45,000, with additional claims pending. Ms Farley said they were desperate, after watching their homes deteriorate from water ingress.
In Torquay, Kilmorie residents report approximately £230,000 missing from their reserve account. One homeowner, speaking anonymously, described feeling unsafe in what should be their sanctuary, and said they were unable to sell their properties due to the building’s problems.
When DBM failed to complete Azure’s safety work, Homes England had already distributed funding from the £5.1 billion Building Safety Fund. HM Treasury eventually provided an emergency £536,000 loan to finish the project.
DBM acknowledges owing over £1.75 million across various properties but claims it faces “administrative challenges” and that legal proceedings would ultimately satisfy everyone involved. The company states its directors are willing to inject personal funds if needed.
Devon and Cornwall Police began investigating fraud allegations in January 2025, though no arrests have occurred yet.
Systemic problems
England has nearly five million leasehold properties—homes where residents don’t own the underlying land but lease it long-term. Leaseholders pay management companies for maintenance and insurance, which creates opportunities for exploitation.
Reformers have long criticised this system as fundamentally unjust, citing excessive fees and inadequate oversight of management firms. The government promises to eliminate leasehold ownership entirely this parliamentary term, replacing it with the commonhold model.
New legislation requiring professional qualifications for managing agents passed through parliament in July, although there are concerns that it is too late for those already trapped in financial nightmares.
The National Leasehold Campaign emphasises the severe mental and physical health toll on affected residents, suggesting that government promises ring hollow until leaseholders actually experience relief.
For the Corrys, Farleys, and countless others, meaningful reform can’t arrive soon enough to salvage their homes and peace of mind.