Administrators from Begbies Traynor have completed a pre-pack sale of assets belonging to North East estate agency Jan Forster Estates, safeguarding most jobs and allowing the long-established family business to continue trading under new ownership.
Andrew Little and Gillian Sayburn of Begbies Traynor were appointed joint administrators earlier today and immediately completed a pre-packaged sale of part of the business to Angela Dennison, daughter of the company’s founder, Jan Forster. The 20-year-old business operates across four branches in Gosforth, High Heaton and Tynemouth.
The company had faced mounting financial pressures in recent months, driven by challenging property market conditions and rising operational costs.
As part of the restructuring, the branch network will consolidate into a single office in Gosforth, with the new business focusing on property management services. While the majority of jobs have been preserved, some redundancies are unavoidable, with support being offered to all affected employees.
Angela Dennison has acquired the business name and will continue the family legacy under the new trading name, Dennison Property Services.
Dennison said: “This business has been part of my family’s life for two decades, and I am committed to honouring that legacy while shaping a stronger, more focused future. Although today is difficult for the colleagues we are losing, the restructuring allows us to stabilise the business, protect the majority of roles, and continue to provide a high level of service to residential landlords and their tenants across the North East.”
Andrew Little, partner at Begbies Traynor, commented: “This pre-pack sale of Jan Forster Estates provides continuity for clients and safeguards the majority of the roles, ensuring that the long-standing legacy of this family business can continue under new ownership. While it is always disappointing to see redundancies, the deal preserves the core operations and gives the business the foundation it needs to move forward sustainably.”