A major regional estate agent remains in business after a pre-pack administration, local media have reported.
Leftmove, with nine high street branches in the north-west, describes itself as the region’s largest independent estate agency.
However, a large rates bill and the implications of the tenant fees ban caused problems for the business, which has now been taken over by sister company Leftmove Estate Agents Holdings Limited.
The Blackpool Gazette said that the Leftmove chain is owned by Ross Wallis, 30, who also owns other businesses.
Wallis told the paper that it was business as usual.
He said: “It was a difficult decision but we had to act and the business went through a pre-pack administration.
“I think all the creditors bar one have been paid.
“Leftmove Estate Agents Holdings Ltd now continues to trade all Leftmove offices.
“All employees have been retained apart from two part-time members of staff in admin roles.”
How many pre pack admins can they keep doing? If they cant keep up with overheads now then they will struggle in the next 6-12 months as the tenant fee ban has just kicked in. More like Rightmove have shafted Leftmove.
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There will be loads of regional agents runnning out of cash !!!
Too many non fee earners in the business and overheads growing too quickly in a difficult market.
Coupled with the fee ban it’s a perfect storm.
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Sad to hear, always such a strong brand up here and from the outside looked to be flying.
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I agree, from the outside they looked to be flying. Lots of agents in a similar position I suspect
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525 available properties over 9 offices. Some would give a leg for that.
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‘I think all the creditors bar one have been paid’
You’d expect the sole director to know these things wouldn’t you?
If this statement is true, then why the pre-pack? No signs of distress (in fact the opposite) according to Companies House documents. Mr Wallis seems to have been involved with plenty of ltd companies that have gone on to be dissolved.
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