One of Britain’s oldest agencies - has it closed permanently?

It’s feared one of the country’s oldest estate agencies may have entered receivership.

The Drew Pearce company of agents and chartered surveyors was founded in 1748 and operates sales, lettings and extensive property management services - but it’s reported that nothing has been heard of the company staff since before Christmas.

Estate Agent Today has tried unsuccessfully to reach the agency, which has an answerphone message and website which appear to suggest the company is still operating. Emails sent to the sales and lettings department do not produce any auto-response, again suggesting the company is operating.

However the firm’s headquarters - in the prestigious Cathedral area of Exeter - has been reclaimed by the building owner who has now changed the locks.

News website Devon Live cites a representative of another property company - Haarer and Goss - as saying: "The owners of the premises, who I represent, have repossessed the freehold of the property and are considering what to do with it. They have not yet put it on the market. They took possession of the building last Thursday [on] February 10 and got a locksmith to change the locks [on] February 17 to make it secure."

Devon Live also quotes an owner of an apartment in a building block-managed by Drew Pearce; it’s reported in this building alone some £10,000 was in the residents’ account, held by the agency.

The residents have now had to set up their own bank account to put future monthly service charges into, and are unable to access their usual account.

The apartment owner claims Drew Pearce failed to pay routine bills and won't return the service charge account to them. "Our cleaners have now left because they are not being paid from the account," he explains, "and Drew Pearce has not carried out any maintenance."

The Drew Pearce website still carries this description of the firm: "Drew Pearce is a long established firm of Chartered Surveyors and Estate Agents based in Exeter, providing specialist and personal advice on all property matters to help our clients achieve their desired results. Whether you have a property to sell or let, require building surveying services, a professional valuation or property management services, our experienced team are here to help.Our full range of services are outlined above, but please do contact us for a chat about any aspect of property advice.'