No home for UK staff in Hostmaker pre-pack deal
4 Mar 2020
RSM has completed a pre-pack deal selling the overseas operations of property management business Hostmaker to Houst, making 112 UK-based staff redundant
4 Mar 2020
Hostmaker, which was founded in 2014, operated across UK, France, Spain, Italy, Portugal and Thailand and provided services to property investors, buy-to-let landlords and homeowners looking to let their property.
Cash pressures in the early part of this year forced the directors to place the company into administration before negotiating a pre-pack deal which did not protect jobs.
Houst, previously known as Airsorted, has acquired equity in Hostmaker’s overseas subsidiaries plus certain assets and contracts in the UK, but it has not proved possible to rescue the UK business as a going concern.
Graham Bushby, insolvency partner at RSM restructuring advisory and one of the joint administrators of Hostmaker said: ‘While Hostmaker was providing a valued service to many of its property owners or “hosts”, the business suffered from severe cashflow issues at the start of this year.
‘We have managed an accelerated sale process which has resulted in the sale of Hostmaker’s overseas operations and secured a continuity of service for some of the UK customers.
‘However, it was not possible to rescue the UK business as a whole, and we are currently supporting staff with their applications to the Redundancy Payments Office.’