Sanderson Young, a leading independent estate agency in the North East that also has a London presence has been offered for sale after the company was issued with a winding up notice by HMRC this summer over an unpaid tax bill.
The notice was issued after it was discovered that the company had not paid a £175,000 corporate tax bill due to an ‘administrative error’. The 19-year-old firm has now been listed for sale on a business sales website with fixed assets of £555,449.
Figures published by a local business restructuring firm also offering the company for sale suggest its turnover has declined dramatically in recent years from £1.7 million to £520,000 a year.
According to a local newspaper in Newcastle-upon-Tyne where Sanderson Young has its head office reports that rival Bradley Hall may be considering buying the company as it was “a brand which we have long admired”, said its Group Managing Director Neil Hart.
Sanderson Young was established in 1999 by self-confessed maverick Duncan Young (left) who only three years ago he told local media that he was proud the company had “weathered the storm” of the financial crisis and that it was one of the region’s most successful and influential independent estate agents.
The company, which has three offices in the North East, a presence in London via the Mayfair Office hub and 13 staff, specialises in middle and upper-market sales. HMRC issued a Petition to Wind Up against Sanderson Young on 15th June this year.