Huge rise in compulsory receiverships...

17 November 2008

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3 Comments

Written by Rosalind Renshaw

Twenty-two larger estate agency businesses have gone into compulsory administration or administrative receivership since July, according to the Business Sale Report, which lists every business in the UK that falls into one of these two categories.

The figure compares with just one sizeable agents for the same period last year.

The service does not list voluntary arrangements or compulsory liquidations, nor agents that have simply gone out of business. Estate agents that fall into compulsory administration or administrative receivership would normally be larger regional businesses where a major creditor – such as a bank or the taxman – has pulled the plug.

An agent recently listed on the Business Sale Report had a turnover of more than £7m according to its last company accounts, says the service. Another, in London, had a turnover of £4.8m.

Comments

- Be Quiet BrightMove
Brightmove. The boys are coming round to sort you if you don't pipe down ...
- 18 November 2008 12:57 PM
- Brightmove
Banks are supposed to be supportive of viable businesses. The big question is how to determine the viability of a property related business when there is no immediate end in sight of a quiet market.
- 17 November 2008 11:47 AM
- Mr Glum
Only 22!So is that good news ?
- 17 November 2008 09:43 AM