The industry magazine Estates Gazette is reporting that Cluttons, the residential and commercial agency, has been bought out of pre-pack administration by a so-called ‘turnaround’ business.
Pre-pack administration is when a business's assets are negotiated over and acquired before the appointment of administrators.
Cluttons - which says on its website that is has “estate agency branches located in London's most desirable neighbourhoods and throughout the Middle East, as well as associate offices across Asia Pacific, Africa and Europe” - will now focus its activities specifically on London and the Middle East according to a report by David Hatcher, head of news at Estates Gazette.
However, EG says the agency will shut its Belgravia, Blackheath and Clapham offices.
The magazine quotes a Cluttons spokesman saying it will now “focus on its more profitable areas, simplify its international [activities] and strengthen its core markets.”
The firm employs 450 people; a statement says its pension liabilities had become “unsupportable in the long term.”
The company reported to have rescued the agency is Rcapital, which says it “provides private investment, commercial expertise and hands-on support to transform and grow businesses in the UK.”
Here's the full story on Estates Gazette.