175-year old estate agency sold out of administration
27 Jan 2020
Begbies Traynor has sold a 175-year old estate agent, Humberts, out of administration in a deal made with a consortium of its existing offices
27 Jan 2020
Humberts, a national residential and commercial property agents, was founded in 1845 and went into administration in December 2019.
It has now been purchased by Humberts Group Ltd, a consortium of franchise owners that have been running their own offices and trading as Humberts. The sale includes the company, its goodwill, trading name, lettings book and intellectual property of the brand.
Begbies Traynor said the sale attracted interest from both national and international parties, and proceeded to a best and final bid, although the sale value was undisclosed.
The company had 96 staff when it went into administration and reported revenue of £970,773 in its last filed accounts for year end 31 December 2018.
Paul Stanley, regional managing partner, Begbies Traynor, said: ‘We are pleased that we have been able to confirm this deal. It means that experienced property professionals who are already involved in the industry and the brand are in control and now in a position to implement a positive business plan going forwards.
‘This deal delivers the best possible outcome and guarantees the survival of the Humberts brand after 175 years of trading.’
Tim Stephens, who operates the Norwich Humberts office, said: ‘We are delighted to conclude this deal and to take this long established and trusted brand into a very exciting future, particularly after the hedging of the Brexit negotiations and uncertainties for the economy prior to the election.
‘We are very positive about the next 12 months and look forward to building the teams and growing the business to its former levels and beyond.’