Over 50 jobs have been lost as a result of a Midlands regional estate agency falling into administration.
The Shropshire Star reports that 54 positions have gone at the 49-year-old Andrew Grant agency, which has closed its offices at Ludlow, Kidderminster. Stourbridge, Bromsgrove and Worcester.
Last week Estate Agent Today reported on a deal for the lettings and property management part of the company, but it is now known that this involved the saving of only 18 jobs.
The local paper says that the business incurred “substantial trading losses” in 2018 and 2019 and was restructured last year; the article also suggests the closure of the housing market for many weeks earlier this year played a part in the agency’s problems.
The company, which at one time employed around 100 people, closed other branches and set up a 'hub' business model last year in an attempt to stem losses, but to no avail.
Andrew Grant Sales - which has the same four directors - has acquired the existing sales customers and will see their transactions through to completion.
A week ago the agency posted on its website: “The well-known and trusted brand has transferred ownership. Members of the established senior team, along with two local independent backers, have taken on the brand and are confident in their strategy to further strengthen and grow the business.
“Their streamlined and restructured version of the traditional agency model will continue to deliver greater value and efficiency for clients whilst increasing the levels of personal service.
“The team are intent on creating exceptional relationships with their customers, supported by a strong network of experienced property professionals using industry-leading technology. There is only one purpose, to improve client experience. Our intention is simple - to be the best in an industry that is in serious need of modernisation.”
You can see the local media report on the agency's administration here.