The former boss of Humberts has gone on gardening leave, amid queries put by EYE as to the financial muscle of Humberts’ new owners.
Ian Westerling will formally leave the business in September, with the parting last night described as non-acrimonious.
Meanwhile, its new CEO has claimed that Humberts is “stronger than ever”.
Matt Spence, who also heads up holiday business Natural Retreats, bought Humberts out of administration in May.
Soon after, he declared that the estate agency industry was asleep at the wheel. Former MD Westerling at that time had been put in charge of new projects. Yesterday evening, it was confirmed Westerling is leaving the business.
Spence has now issued a new statement, saying: “Sometimes it takes a person outside of the industry in question to spin it on its head.
“Humberts is revolutionising the property market by being relevant to its customers, in an industry which has been slow to react to the fast-paced technologically focused world we now live in.
“We have many exciting updates to report in the coming months and look forward to sharing them in due course.
“For now, Humberts is still very much a leading player in the market and is stronger than ever.”
The statement says Humberts is “at the beginning of an exciting transition phase looking to make the role of the estate agent relevant in today’s ever-changing, ever-evolving, technology focused world.
“Humberts is redefining the position of the estate agent to its original meaning as a true agent of the estate, which is the role Charles Humbert played when he founded Humberts in 1842.
“With a vision to become the champion of the rural economy, Humberts is focusing its strategy on the highly coveted chocolate box towns and locations in rural Britain, that people flock to both live and holiday in.
“In practical terms this means Humberts will be able to offer more services to their clients, helping cater to their needs beyond just the sale of their property.
“Additionally, Humberts now has the wider support of an integrated network through its acquiring company, Natural Retreats, which offers luxury accommodation in cottages and homes across the UK, in some of the most picturesque destinations.
“With Humberts’ 175-year brand heritage and presence across predominantly (but not exclusively) rural UK, the two brands will continue to build a mutually beneficial and symbiotic relationship offering a completely different approach from any other estate agent on the market.”
The statement adds: “Humberts will become a full service fully integrated agency offering transactional services as well as complete management services.
“With a property being the most important and significant lifestyle asset in a person’s life, Humberts will also be setting up a high tech, high touch approach lifestyle and home services division.
“Home owners will be able to use Humberts to manage both their homes and their lifestyles, an aspect which is crucial for remaining pertinent in today’s fast paced, tech focused landscape.”
The unusual statement – issued under the heading ‘Real Estate Revolutionaries’ – follows unsuccessful attempts by EYE to interview Spence after the purchase.
We pre-submitted questions, as we had been asked to do, including queries about whether there were any plans to change the Humberts logo; the franchising side of the business; and the financial resources behind the purchase. However, none of our questions was answered and there was no interview.
Yesterday evening we again invited responses.
According to Companies House, a company called The UK Great Travel Company Ltd changed its name last November (2017) from Natural Retreats UK Ltd.
Natural Retreats UK Ltd filed its accounts for the year to the end of December 2016 last October.
These show a loss for the financial year of £1,602,755, up from a loss of £837,158 in 2015.
https://beta.companieshouse.gov.uk/company/07232597/filing-history
‘“Sometimes it takes a person outside of the industry in question to spin it on its head.”
Sounds as if Mr Spence has been reading that brilliant textbook ‘How to spin an industry on its head’ by A.Platt.
Hmmmmm.
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Sounds like Humberts is about to become some kind of concierge type service. Just what we need, the ability to book your hairdressers appointment via your estate agent’s app.
Genius!
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Car crash coming in 18 months and it will take the whole thing down including the holiday business. They already are running a big loss and it only sells holidays and holiday homes in 9 UK locations! Humberts will be a hungry business to feed and like so many before, these ‘entrepreneurs’ will mis read the challenges with cash flow and the time taken to get to the fee paying day of each transaction.
The West Country and Jurassic Coast part of the business I have always admired, so there will be a little concierge and booking/letting opportunity there. Humberts Leisure always had a variety of opportunities, but this looks like it is ego driven and so many pre pack sales end up going wrong in our sector. It’s all down to the standing costs and slow sale cycle…its why lettings was jumped on by so many and now that one is shrinking too!
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Man who knows nothing about this profession vows to change an industry.
Ticktock
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Blimey, Humberts a Disrupter, I’ve seen it all now!
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I think I have heard all this before. Max Ziff famously said ‘ I am not contaminated by Estate Agency thinking’ when he was MD of Humberts. Within 3 years of taking over he had lost £19 million.
Estate Agency is a cottage industry and people business. It is 70% to do with people and 30% ti fo with property.
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