A 176-year-old estate agency has been saved from closure.

Cheshire-based Wright Marshall, which dates back to 1843, went into administration last week after its farm auction sales business hit difficulties.

The agency business, which has eight offices across Cheshire and Derbyshire, was allowed to continue trading by administrator FRP Advisory and has now been acquired by Lancashire-based Petty Estate Agents.

A new managing director, Peter Barnes (pictured below), has been drafted in.

He was most recently an area sales manager for workplace provider Regus but worked as an estate agent for two years with Andrew J Nowell & Co in 2017 and was a branch manager for Bridgfords between 1988 and 1993, according to his LinkedIn profile.

He has also held sales positions at Daytona Motorsport and Brands Hatch Leisure Group.

Wright Marshall will keep its brand and branches for now at least but the firm has refused to disclose how many staff have left as a result of the acquisition.

EYE also understands that some Wright Marshall staff members had made offers to buy the business.

Barnes said: “Wright Marshall is an incredible business, with a long and proud heritage, and operations will continue to run as normal for the management team in the short term.

“The administrators will have thoroughly considered all options, and felt that Petty Estate Agents’ offer made the most sense financially, protecting the customers who sit at the heart of the business and the long-term interests of the team.

“Petty is a business with a similar value set and approach to customer care, also making it a strong strategic fit for future growth.

“There will be some members of the team who feel more comfortable outside this new phase, and we would wish them all the best for the future. However, our focus will remain on the long-term viability of such an established brand.”

The rest of the business, including the rural and fine art auctioneers, remains in administration while buyers are sought.

Petty Estate Agents is one of Lancashire’s longest running independent estate agents, offering full sales, lettings and rental services since 1928.

Charlotte Hagan, chair at Petty Estate Agents, said: “Our acquisition sees the merger of two strong heritage businesses, each with outstanding management teams and local and technical knowledge.

“The expansion into the Cheshire, Derbyshire and Shropshire areas is hugely significant and provides us with an excellent platform.

“Capitalising on the latest technology will enable the incredible customer care shown by both businesses, presenting a huge market opportunity to create a regionally connected network of tech-enabled, community-minded estate agencies.

“We’re confident that the enlarged group will thrive with the direction of Peter Barnes and the wealth of expertise within the team at Wright Marshall.”

Anthony Collier, joint administrator and partner at FRP Advisory, said: “We are delighted to have been able to secure a sale of the real estate division of Wright Marshall.

“We wish the team at Petty Estate Agents all success as they take the business forward.

“We continue to seek a purchaser for the remaining aspects of the business and will provide further updates to creditors in due course.”