The office of one of the UK’s oldest estate agents has been repossessed, while the firm’s director has had his role terminated, amid speculation that the firm could be in the process of entering receivership.
Drew Pearce has long operated from Cathedral Close in Exeter, but the company’s office was repossessed after locksmiths were called in last week.
John Daborn, a consultant at Haarer and Goss, told the press: “The owners of the premises, who I represent, have repossessed the freehold of the property and are considering what to do with it. They have not yet put it on the market.”
The estate agency, founded in 1748, was headed up by its main director Matthew Leworthy, but a document filed with Companies House last week shows that his role has been terminated – he is no longer working with the company.
Leworthy has also deleted his LinkedIn account.
A client of Drew Pearce says that he has not been able to contact Drew Pearce for two months.
Bill MacIntyre, who lives in a block of nine flats managed by Drew Pearce, told Devon Live that he and other leaseholders have not been able to get hold of anyone at the estate agency since the beginning of December, while “Drew Pearce has not carried out any maintenance”.
Drew Pearce is said to no longer be responding to calls or emails. EYE has attempted but failed to get hold of anyone at the agency.
If correct then it is sad to hear that a company with such a long history has shut up shop, for whatever reasons. It is quite likely that the same Agency has handled the property needs of many generations of families in the area – but the reality is that from today those families will simply take their business to another firm with little more than a passing thought for Drew Pearce.
My only hope (for both existing customers and for the industry in general) is that, if the business has indeed failed, there are no circumstances surrounding the closure which will leave a stain.
In relation to existing customers, surely as Drew Pearce is/was an RICS regulated firm, measures will be swiftly put in place by that body to oversee all current and outstanding business through their other Members?
In Exeter, if ‘the King is dead’, then long live the new Monarch.
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PeeBee
I thought these days RICS was a training company?
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Or a mouthpiece for “sentiment”…
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The company ownership changed hands 12 – 18 months ago and since then, a number of personnel moved on, or were “encouraged” to move on. The new management/ownership was poor, as seems evidenced by this outcome.
It seems like a fairly classic case of agency looking easy to someone from outside, money for old rope, but a very different story when you take over and try to successfully run a business.
For a company to do a silent bunk or an overnight flit, as has happened, shows those in charge in a very poor light, especially as they appear to have absconded owing money and with client money unaccounted for.
It is a terrible shame as Drew Pearce had a fine reputation, locally and were good old fashioned agents, with a touch of eccentricity!
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Your post doesn’t bode well for the saving of potential reputational damage to the industry I was suggesting could be in the air, Randr!
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Sadly, I don’t think the way that this one plays out is going to enhance the image of our industry
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Retiredandrelaxed – It sounds as though you have some inside/additional knowledge to what’s been reported by the press from reading your comments above. Assuming you were one of those personnel you mention, as having left through choice or encouragement, as you’ve made some first hand comments?!
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