Penyards estate agency, established in 1988, with nine offices in Hampshire, went into Administration on 17th May, but has now been sold for just £180,000.
Gavin Savage and Julie Palmer of business recovery firm Begbies Traynor were appointed as joint administrators of Penyards Estate Agents on 17th May. The Hampshire Chronicle reported that the administrators sold the business and certain assets to Number 17 Marketing Ltd, one of whose directors is Paul Grant, Managing Partner of Southampton law firm Bernard Chill & Axtell. While the new owners have not taken on the old firm’s debts, the paper reported, the deal secured 32 jobs across the three areas of the Penyards business and Graham (left) and Lisa Evans, Penyards’ founders, stay on as consultants.
The sale was handled by Gavin Savage, director of Begbies Traynor’s Southampton office.
He 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.”