An estate and lettings agency that has been trading in the centre of Exeter for 12 years has ceased trading and shuts its doors this week, blaming Brexit and ill-health.
Clear Property made the decision on Tuesday this week, shut its doors immediately and put a notice on its website referring enquiries to an insolvency business.
It is not yet known how many jobs will be lost.
The local Express & Echo news website quotes director Kelly Forrester as saying that the decision was ‘regretful’ and had ‘not been taken lightly’.
She says Brexit has led to stagnation of property prices in the Exeter area, resulting in a significant reduction in income and fees for the agency.
Forrester - who had been an estate agent for over 25 years - also said the UK’s credit rating downgrading by global financial services company The Fitch Group had also contributed to the poor local market.
Forrester is quoted as saying: “This past 12 months have been an extremely stressful time and the decision to cease trading immediately was to ensure matters did not spiral out of control. Due to my own health and the economy I had to, after 12 years, make the decision to close my office.
“My advice is for any business now is to seek legal advice on your current status. Anyone struggling with cash flow should act fast and seek support from qualified professionals to ensure you are making the correct decisions as these will have a future impact on your business and possibly on you personally.
“The economy is going to see many good businesses face crises, and it would seem all industries are vulnerable. Exeter has a supportive business community and we need to stand strong and support each other.”