Estate agency founder’s daughter saves firm from going under
Newcastle firm Jan Forster went into administration recently but Angela Dennison has now bought the much-reduced and renamed business via a 'pre-pack' deal.
A well-known estate agency in the North East of England has been saved from going under after being bought via a ‘pre-pack’ sale that will see almost all the jobs at the firm secured.
The company is Jan Forster Estates in Newcastle. It was celebrating its 20th year of trading this year until financial difficulties caused by property market conditions and rising operational costs forced it to seek the help of insolvency experts Andrew Little and Gillian Sayburn of Begbies Traynor. Matters will not have been helped by a long-standing member of staff who, three years ago, stole £195,000 from the company and blew it on gambling.
The restructuring that they proposed includes its three branches in Gosforth, High Heaton and Tynemouth being consolidated into the Gosforth office where the firm will focus on property management services.
But Begbies Traynor says that while the majority of jobs have been saved, the restructuring “unfortunately results in some redundancies, with support being offered to all affected employees”.
Pre-pack
The company has now been bought via the pre-pack by Angela Dennison, the daughter of the estate agency’s founder Jan Forster, who is also the firm’s finance chief. The agency will now change name and trade as Dennison Property Services.
She says: “This business has been part of my family’s life for two decades, and I am committed to honouring that legacy while shaping a stronger, more focused future.
“Although today is difficult for the colleagues we are losing, the restructuring allows us to stabilise the business, protect the majority of roles, and continue to provide a high level of service to residential landlords and their tenants across the North East.”
Andrew Little (pictured) adds: “This pre-pack sale of Jan Forster Estates provides continuity for clients and safeguards the majority of the roles, ensuring that the long-standing legacy of this family business can continue under new ownership.
“While it is always disappointing to see redundancies, the deal preserves the core operations and gives the business the foundation it needs to move forward sustainably.”
