Confidential Advice Line: 0800 063 9221

32 jobs saved as estate agents is sold out of administration


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.”


About the author

Gavin Savage

Insolvency Director

Meet our Team of Experts

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.

47 Regional UK Offices

Find your local Begbies Traynor office and speak to an adviser today.

Find your Local Office
0800 063 9221

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0800 464 0871

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0161 837 1700

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
Advice for businesses on EBTs after HMRC Supreme Court victory
Begbies Traynor currently advising numerous businesses
HMRC sends out follower notices to reclaim tax lost to Employee Benefit Trusts
Find out more →
 
Open Banking to Reshape the Alternative Finance Sector
CMA mandates the adoption of Open Banking by early 2018
Will see alternative lenders competing on a level playing field with dominant banks
Read more →
 
Join thousands of professionals by signing up for our updates
Analysis and Opinion from our Partners
Top Industry News
Register Now →
 

Advice you can trust

We are accredited by the following industry leading organisations

Insolvency Practitioners Association Institute of Chartered Accountants in England and Wales R3: Association of Business Recovery Professionals ICAEW Business Advice Service Turnaround Management Association ACCA (the Association of Chartered Certified Accountants) ICAS | The Institute of Chartered Accountants of Scotland

Contact the Begbies Traynor team

or Find your Nearest Office
Processing...