It’s been reported that a Cheshire estate agent and auction house has gone into administration putting 130 jobs at risk.
Around 40 people are believed to have already lost their jobs after the rural auction side of Wright Marshall ceased trading with immediate effect.
The firm also offers estate agency and professional property services across Cheshire and Derbyshire, as well as operating fine art auction houses.
Anthony Collier and Ben Woolrych, partners at FRP Advisory LLP, have been appointed joint administrators of the business.
Reports on Insider Business suggest that difficult trading conditions and a downturn in the rural auctions market have led to cash flow problems.
The estate agency side is continuing trading while a buyer is found and one of the administrators, Anthony Collier, is quoted as saying: “The challenges facing the agricultural sector are well documented, and the downturn in livestock volumes being sold through the auction mart have resulted in this business making unsustainable losses.
“Our focus now is on identifying a purchaser for the other aspects of the business in order to maximise any returns for creditors, and of course to work closely with the Redundancy Payments Service to support all affected employees at what we know will be a difficult time.”