Former Humberts boss Ian Westerling has expressed his delight that a consortium of franchisees has succeeded in buying the business out of administration.

Westerling, who was managing director of the firm before it went into administration previously, said at the weekend: “I think it is the best outcome and genuinely should give the brand the best opportunity to prosper in a market that is going to be pretty exciting over the next couple of years.

“As a franchise proposition, it stands up well against other options (Winkworth, Hunters etc) but it is a crowded space so they will need to have a robust strategy and understanding of how a modern estate agency business can grow market share whilst controlling their cost base.”

The franchisees succeeded in pulling off the deal at the last minute, and after interest from other potential bidders.

Humberts went into administration last month. Founded in 1842, it merged with Chestertons in 2009 with both businesses in trouble during the recession.

The two de-merged in 2014, but Humberts, then headed by Westerling, went into administration in April 2018 after Mercantile Group – which had owned both Humberts and Chestertons – decided against continuing its backing of Humberts.

It was then bought by a holiday lettings business, Natural Retreat, headed by Matt Spence.

His claim that Humberts was a trail-blazer for a “new era for the property market” can still be seen online – complete with a claim that Humberts has been part of the “lanscape” since 1842.

https://www.humberts.com/news/184-humberts-trailblazes-a-new-era-for-the-property-market