Humberts, one of the oldest names in estate agency, has been bought out of administration by a consortium of its own franchisees.
The firm, established in 1845, went into administration last month, with Begbies Traynor appointed as administrators.
This evening, Begbies Traynor said: “The sale attracted interest from both national and international parties, and proceeded to a best and final bid, upon which a sale at an undisclosed sum was agreed.
“Humberts Group Limited is a consortium of franchise owners that have been running their own offices and trading as Humberts. The sale includes the company, its goodwill, trading name, lettings book, and intellectual property of the brand.
“Since going into administration, Begbies Traynor engaged key Humberts personnel to assist with the business and delivery of work in progress until a new purchaser was found.
“The new purchasers will be issuing a statement in due course setting out their vision of the future and strategy going forwards, and in the meantime are implementing a seamless transition.”
Paul Stanley of Begbies Traynor said: “We are pleased that we have been able to confirm this deal. It means that experienced property professionals who are already involved in the industry and the brand are in control and now in a position to implement a positive business plan going forwards.
“This deal delivers the best possible outcome and guarantees the survival of the Humberts brand after 175 years of trading.”
Franchisee Tim Stephens MRICS, who operates the Norwich Humberts office, said: “We are delighted to conclude this deal and to take this long-established and trusted brand into a very exciting future, particularly after the hedging of the Brexit negotiations and uncertainties for the economy prior to the election.
“We are very positive about the next 12 months and look forward to building the teams and growing the business to its former levels and beyond.
“We would like to thank all Humberts’ clients for their continued support and loyalty and we look forward to working with them and new clients in the future.
“We also would like to thank the administrators, Begbies Traynor, for their smooth handling of the transition.”