Troubled North East estate agency Sanderson Young has been saved after the family of its founder bought the firm.
The three branch firm will retain all 50 staff although it is likely to slim down the number of locations at which it operates.
Two weeks ago the company was put up for sale after it was issued a winding up order by HMRC over an unpaid £175,000 tax bill, which founder and managing director Duncan Young claimed was due to an ‘administrative error’.
Since then it has emerged that the company’s fight with HMRC was broader and that it owed VAT, corporation tax and PAYE/NI payments going back ‘many years’.
Trading as normal
But last week the company was placed into administration only for it to be bought by Young’s family and will now continue trading as normal.
This ends speculation locally that rival firms were vying to buy the company off the administrator RSM, including Bradley Hall and Pattinson.
Young told the local newspaper that the “the business will be the same as what is there now. I have no plans for redundancies”.
But Duncan has hinted heavily that the revived Sanderson Young would have a different approach to where the company was based.
“The historic days of having a key office on every high street are fading away. Although I am keen to keep a high street presence,” he said. “If I close a branch I will not be losing any staff.”