Leading London agent Cluttons has left OnTheMarket.com and re-joined Zoopla just weeks after being saved from going into administration by turnaround specialist RCapital.
It had been reported that Cluttons had been struggling with the severe slump in central London’s prime markets, which has seen the number of properties being sold in the capital halve over the past year or more. It has also been hit by a huge pension fund deficit recently.
Cluttons went into pre-pack administration in early May, a legal move that enables any struggling UK business to be bought before going into administration.
During the process Cluttons has said it is to go through a “significant restructuring” and Steve Morgan, its young chief executive, is understood to still hold equity in the business alongside RCapital.
As part of the overhaul of the business, the 250-year-old company and its six branches in the UK re-joined Zoopla at the end of May and, Zoopla says, gained 100 leads across its office network during the first 24 hours.
Cluttons used to have a further three branches in Belgravia, Clapham and Blackheath, but these have been closed with the loss of 19 jobs.
“We’re pleased to be with ZPG,” says James Hyman, Head of Residential at Cluttons (pictured, left).
“The process to going live has been quick and smooth and more importantly we have seen the speed at which ZPG can deliver value.
“We’re looking forward to working closely with the ZPG team to reach the widest possible audience and continue to build our brand and business.”
Mark Goddard, Managing Director, ZPG Property Services, says: “We’re delighted to welcome Cluttons back to the ZPG platform. Agents now firmly grasp the ZPG value proposition and cannot afford to be at a competitive disadvantage.
“We have the most effective marketing platform, the best software solutions and are now generating new revenue streams for our partners through products such as MoveIT.”