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Nigel Green agency in administration

09 February 2009
Written by Rosalind Renshaw

A West Country estate agency firm has been taken into administration. Lameys, an accountancy and insolvency company, were appointed administrators on Friday afternoon for Nigel Green Property Sales and Rental, which has nine offices and some 60 staff.

The company was started in 1991 by Nigel Green, who built it into a thriving business and captured headlines when he recruited staff in Apprentice-style competitions held in public.

He claims that his firm hit financial problems because of a sudden lack of support from the bank.

Lameys are due to make an announcement today (Monday) and it is understood that a group of Nigel Green Property Sales and Rental directors are keen to buy the agency.

In a further twist, local Devon newspapers have reported that police are probing possible “financial irregularities” at Nigel Green.

But Green himself told one paper, the Herald Express, that he was confident that his company’s finances would stand up to scrutiny. He also said that he was among possible buyers of what he described as a “sound and solid organisation”.

Earlier, Mr Green was at the centre of a police hunt after being reported missing. He was apparently found and taken to hospital.

After this ordeal, Mr Green told the paper: “At our recent meeting with our bankers, I was stunned by their reluctance to support the business, with no previous warning either verbally or in writing. I remain of the belief that our current level of trading activity would have enabled us to come through the existing difficult climate.”

He added: “My belief in my company is so strong that I have already officially registered, in writing, my serious interest in buying the business back from the administrators, Lamey’s of Newton Abbot.

“I believe that I am better placed than anyone, or any company, to take the firm forward from here, as I have an intimate understanding of the business, gained from 18 years’ experience of running it previously.”

He went on to thank his staff for their loyalty, hard work and support, and added: “I would also like to thank the numerous members of the public who have expressed their sympathy and support to my staff, when calling into our offices, over the last few days, and the many others who have sent to me personally, cards and text messages of support.”

Comments

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    • 08 March 2013 02:57 AM
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    • 08 March 2013 02:56 AM
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    I understand the former directors have lost at least £ 248,000 of their own monies because Mr Green did not listen to his FD.He cannot blame the bank only himself for being so stupid and ordering things he could not afford such as a flash car and big house.Today 50% of his staff lost their jobs and next week he hopes to buy back the business what a joke.Rumour has it tenants deposits gone as well surely the administrators cannot possibly sell the business back to someone undergoing a police investigation. ?

    • 13 February 2009 21:31 PM
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    Please don't feel sorry for the man, this was all planned from start to finish and I don't think he is suffering too badly, unlike the staff! If the administrators are trying to rescue the business as a going concern in a bid to save as many jobs as possible, I hope they don't even consider selling it back to Mr Green. I'm sure I won't be alone in thinking that man has screwed with enough people's lives already!

    • 10 February 2009 12:32 PM
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    i think it is unfair to criticise a possible buyout by former directors. it is public knowledge they have all lost a great deal of money out of this. they appear to be trying to make the best of a very bad situation for themselves and the staff.

    • 10 February 2009 10:44 AM
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    I don’t know very much about Nigel Green, why his Company collapsed or how the company was run. However I personally find it distasteful that some contributors choose to make personal attacks on his reputation and integrity without being prepared to put their name to the post.

    • 09 February 2009 22:45 PM
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    there are always 2 sides to every story! There is no Punch without Judy.

    • 09 February 2009 19:14 PM
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    perhaps the banks are being used as an easy scape goat here. Lets face it they dont pull the plug for no reason. There is also a police investigation underway! A bit of honesty here would be refreshing. The staff would expect to get paid by the company they work for, that is not unreasonable. Whereas large flambouyant expenditure when you need a bank loan to pay wages is unreasonable.

    • 09 February 2009 18:31 PM
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    One can only imagine that those who are less than supportive in their comments may have their own reasons from their own past experience. However no doubt everyone has great sympathy for the staff who may not be in such a strong position to weather the storm, in a climate when there are no other jobs to go to. They probably all have mortgages and mouths to feed and will be terribly worried about their futures. All they can possibly wish for is to keep their job with the best person at the helm - whoever that might be. But steering the firm out of these very troubled waters will be a tough act for anyone as there has been such high profile publicity about the problems and police involvement.

    • 09 February 2009 14:51 PM
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    Its the same old story with this country and the british public...Nobody likes anyone to succeed and when the business or person fails because of the current climate, we're all too quick to jump on their backs! The banks whether you lot agree ot not have a lot to answer for!
    A business that has repeatidly brought in continous money since the last recession in 91, aks for a loan to pay wages and can prove that commissions are coming is told a straight no, even though they have been given the funds by the goverment to support local business! That sucks!! As for the ex staff who posted, you weren't complaining when you were taking home the wage were you!!! In respect of the car and materealistic items that Nigel has, why should't he treat himself after 19 yrs of hard graft continuosly working 12 hr days! Why can't we be like the americans and praise people that earn their money the hard way!

    • 09 February 2009 14:41 PM
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    The laws that allow prepack administration stink. This technique is being used increasingly & our feeble government are doing nothing about it. PS Wasn't Nigel Green in Zulu & The Ipcress File? Scandalous intrigue...but he'll get the point.

    • 09 February 2009 14:24 PM
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    Perhaps the swanning around in an Aston Martin says it all. Leased no doubt.

    • 09 February 2009 14:18 PM
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    How very quickly the vultures circle.

    There is an element of satisfaction by some at the plight of Mr Green which I find very distasteful. How very quick we are to gloat over the situation he finds himself in and are quite happy to allow the business he grew to be pulled out from under him by ex and current colleagues. This is a sad day, my very best to you Nigel.

    • 09 February 2009 14:17 PM
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    Tenants deposits allegedly missing surely the man has lost all credibility with his staff and the puiblic.

    • 09 February 2009 13:36 PM
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    I have little sympathy with Mr Green's predicament either. He has always sailed close to the wind professionally and managed to spend money as quickly as he earned it without setting aside for a rainy day. I agree with the other comments that it would be an appalling example to set if his profligacy was rewarded by being able to carry on while his creditors suffer. What arrogance and how typical of the man.

    • 09 February 2009 12:41 PM
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    Could not agree more with Devon Agent. He is very disliked by not only competitors but ex members of staff. A man driven only by his ego. Funny how he can find monies to mount a buy back yet his "loyal, hard working staff" have not recieved any pay since Dec 31st!!

    • 09 February 2009 12:24 PM
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    Although I am not a direct competitor of Mr Green I can advise that he is not well regarded by the more professional agents in the area. No doubt the firm will continue under another guise, probably with Green involved. But I certainly agree that the administrator should discourage his future involvement if at all possible.

    • 09 February 2009 12:10 PM
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    This sums up why this country is in the mess it is. Mr Green expects his banks and his creditors to lose or write off all his debts in order that he can then, unencumbered, get back to making a profit nice and quickly which he will as before no doubt squander! Lets be clear these debts of Mr Green wont dissappear they will end up being paid for by the rest of us who didnt go bust, either through taxes or higher costs from the suppliers who have to recover Mr Greens debts somehow. The people who take a company to bankrupcy should be banned from subsequent involvement

    • 09 February 2009 12:04 PM
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    Always bad news to hear of businesses in difficulty but interesting that Mr Green wants to buy back the business (presumably minus its debt and leaving its creditors high and dry).

    I once tried changing my name to Miguel Fernandez and getting my bank to write my debt off with the Mexican debt - unfortunately they didn't wear it!

    • 09 February 2009 11:08 AM
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    Very sad to see the hard work of 18 years go down the drain.
    The decision of its Bankers typifies their pathetic thinking and yet again indicates that Banks have Chief Clerks masquerading as Managers, hence the state the banks are in themselves.

    • 09 February 2009 10:47 AM
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