32 jobs saved as estate agents is sold out of administration
Thirty two jobs have been saved by the successful sale out of administration of one of Hampshire’s longest established estate agents.
The Southampton office of business recovery specialists BegbiesTraynor handled the sale of the business and assets of Penyards Estate Agents.
The business – which has been trading since 1988 – has nine branches across Hampshire and the New Forest.
Gavin Savage, director of BegbiesTraynor’s Southampton office, managed the sale. The business and certain assets were sold out of administration to Number 17 Marketing Limited, securing the jobs of 32 staff across the three areas of the Penyards business. The administrators were appointed on May 17.
Mr Savage said: “The company had been facing tough trading conditions in a sector we all recognise has continued to struggle, so it was therefore imperative that we acted quickly in order to ensure that people’s jobs were preserved.
“It became apparent to us that the Penyards name trades on its reputation as a long-established business in the area and that a speedy sale out of administration was the best course of action. We had to go through quite a complicated process to get to the right end result, but we are confident that the purchaser has the skills and team in place to ensure growth for the future and to establish the basis for a prosperous long-term future for the company.”
Gavin joined Begbies Traynor in Southampton in 2008 having been involved in business recovery and insolvency since the late 1980’s. His career started with KPMG in Southampton experiencing a wide range of both corporate and personal insolvencies. Having passed JIEB in 1997, he moved to Ernst & Young in London, where he was involved in a number of large corporate insolvencies in a wide range of industry sectors. Gavin was also a director of a marine company, retailing luxury leisure boats, with offices throughout the UK and Europe. This experience has provided him with a good understanding of the issues facing businesses, directors and stakeholders.
Gavin is a member of the Insolvency Practitioners Association and deals with all aspects of corporate recovery work.