An estate agency business has been bought out of administration, saving 22 jobs.

High fixed costs were cited as the main problem for Rowcliffes Estate Agents in Derbyshire.

A statement from Leonard Curtis Business Rescue & Recovery confirms that Rowcliffes was placed into administration, with Julien Irving and John Titley appointed joint administrators.

The statement says: “The business entered administration as a result of high fixed costs, which meant the company suffered losses and a build-up of trade liabilities. After consideration, appropriate steps were taken by the directors to preserve the business.

“Following a period of marketing, the administrators concluded a pre-packaged sale of the company’s business to a connected party. This resulted in the transfer of all 22 employees to the new purchasing entity.”

Rowcliffes has been in business since 1985 and has six branches, according to its website, which also says it is part of the Crosslane Group of property investment and financial services companies.