Another Estate Agent Firm Goes Under

geneer

http://www.estateagenttoday.co.uk/news_features/Firm-sold-after-collapse-and-administrators-warns-of-other-agents-in-trouble#comments

:eek: uh oh. The relentlessly gloomy EstateAgentToday website is as grim as ever.

No sales = no business. Turnover is king. Estate agents really are on their way to becoming the bears best friend. As predicted.

Well-known London agent Friend & Falcke, which went quietly into administration last month, has been sold.

The administrators say they are working with other estate agents that have hit trouble.

The buyers are Thamesview Estate Agents, who own Dexters. The price paid for Friend & Falcke, twice voted London’s best agency in the Daily Mail awards, has not been disclosed.

Mick Sanders and Georgina Eason of MacIntyre Hudson, chartered accountants and business advisers, were appointed administrators of the long-established estate agency, based in Chelsea and Barnes.

The administration followed the failure of a Company Voluntary Arrangement.

Following an extensive marketing campaign organised by independent agents Edward Symmons, a number of offers were received and a sale of the business and assets to Thamesview Estate Agents was achieved.

Mick Sanders said: “The sale represents an excellent result for creditors and protects the jobs of 15 employees. Thamesview Estate Agency stood out as the ideal purchaser – knowledgeable, well-funded and able to move quickly. We wish them every success for the future. The sale also safeguards all client monies.”

Sanders revealed that his firm is currently helping a number of estate agency businesses.

He said: “Following the well-known failures in the banking and property sector in 2008 and beyond, a number of estate agency businesses have closed or had to downsize. We have been helping a number of poorly run businesses and their lenders in this sector, and expect the uncertainty to continue given the ongoing difficulties in the banking sector.

“This should not however affect well-run businesses like Thamesview, which is an extremely successful estate agency trading well across London.”

Chris Beckwith, director at Thamesview Estate Agents, said: “We are pleased to have completed the acquisition of Friend & Falcke, which is a long-established estate agency business with excellent employees, some blue-chip customers and good-quality customer relationships and a particularly strong lettings business.

“The purchase helps us to develop our existing estate agency business of Dexters, based in south-west London and Surrey, and pushes us into central London, where we hope our mix of training, local knowledge and hard work should enable us to continue to grow.”

Friend & Falcke, headed up by Simon Albertini, last filed accounts at Companies House in May, showing total liabilities during 2010 of £1,555,194.

The firm has a well-respected name, but – like so many other estate agencies – was hit for six in the 2008 collapse, selling its premises in King’s Road, Chelsea, and closing its office in Fulham. The firm was established in 1959 in Brompton Road by Norman Friend and Peggy Falcke and at one time had five offices.

heathcote123

Wow a 15 person company goes under, and is promptly bought after a number of offers. Armageddon.

Loughton_Monkey

Phew! Just as I thought house prices were staying level before taking off again, this article proves conclusively that I was wrong and that prices will plummet by 50% or more, now.

Thrugelmir

geneer wrote: »

Turnover is king.

Turnover is vanity.

Pimperne1

Wow, that was nearly a bad news story!

olly300

They are so well known in London I've never heard of them.

There are lots of small estate agents around London and the UK in general. Some have a one branch, others have 2 or a few more.

Edited to say: Small businesses go under all the time.

Xiderpunk

Geneer, how classy of you.

Loughton_Monkey

Xiderpunk wrote: »

Geneer, how classy of you.

It's not 'class'. It's snobbery.

He can't afford a house anywhere, but he much prefers not to afford one in Chelsea.

DervProf

Pimperne1 wrote: »

Wow, that was nearly a bad news story!

But rescued by a bit of P.R.

Phew, that was close !

geneer

Another little bundle of joy from EstateAgentToday.

The mother of murdered west London estate agent Suzy Lamplugh has died.

http://www.estateagenttoday.co.uk/news_features/Suzy-Lamplughs-mother-dies

heathcote123

geneer wrote: »

Another little bundle of joy from EstateAgentToday.


http://www.estateagenttoday.co.uk/news_features/Suzy-Lamplughs-mother-dies

Did you get a rent rise today or something?