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Andrews chain announces redundancies

08 October 2010
Written by rosalind renshaw

Andrews Estate Agents this morning announced that there will be staff redundancies as a result of the closure of two of its Surrey branches, in New Malden and Worcester Park.

It is the third confirmed report of separate, well-established estate agency businesses having to take such action that has come to EAT’s attention in the last week. There are also strong rumours of closures and redundancies at other businesses.
 
At Andrews, the decision has been made to begin redundancy consultation for staff at the two branches.

In a statement, the company said the closures would “allow Andrews to focus on its core areas of business during this uncertain period for the property market”.

Chief executive Michael Robson said: “We deeply regret having to take this course of action, losing both talented and valued employees, and it is not a decision that was made lightly.

“It is the directors’ view that we must act now to reduce staff numbers in line with current market activity and conditions.

“Andrews has faced these difficulties before, and has risen to the challenge in the past.

“With the continued support, patience and hard work of our staff, I have absolutely no doubt that once again we will come through this phase to secure a more dynamic and robust business for the future.”

The nearby North Cheam branch will take over the business of the two offices.

Andrews has just opened a new branch in Southville, Bristol, and the group said its lettings business continues to expand. It has over 80 offices across the south of England and employs over 500 staff.

Comments

  • icon

    But how are the banks still making huge profits then? the money is there and all the market needs is a few lenders to lower their deposit requirements and the other companies will follow, but something must be done or in a year the banks will be in even more trouble!

    • 12 October 2010 10:01 AM
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    Then you would have to bail out almost every industry, with money that doesn't exist.

    The motor industry were helped out by a massively over-hyped, profitable scheme for the Government.

    • 08 October 2010 15:55 PM
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    Are you under the illusion that the banks have billions to lend but just won't do it?
    The fact is the UK banking industry is technically bankrupt and exists today only because it was bailed out by taxpayers and because they lodged dodgy assets with the BOE.
    The insane lending that drove the market before 2007 are NOT coming back in the next 20 years. There is too much debt to pay down first.

    • 08 October 2010 13:23 PM
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    I am only a small agency unlike Andrews but i too am going to have to lay off a member of staff. The issue with our industry is the majority of people employed in it are employed by small single office companies,which altogether make a huge number.However EAT decide to report on one company closing 2 offices!I agree with Ken where is the government help for our business.Not only did they spend hundreds od millions helping and supporting the motor industry but also tens of billions bailing out the banks. They should now be putting serious pressure back on the banks to help get the country back on its feet.

    • 08 October 2010 12:44 PM
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    Perhaps time for the Government to step in like they did with the car industry and offer some incentives for buying - either that or crack down to get the banks lending again and loosen the criteria for borrowers!

    • 08 October 2010 09:33 AM
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