Updated: 5th May 2020
The business is a multi-branch estate agency, which provides a sales agency service along with residential letting. It is a lifestyle business and a well-established partnership.
Situation on Appointment
- The bank had personal covenants which were valueless as security cover.
- Lettings cash had been misused and repayments of deposits needed to be put on trust accounts to comply with changing legislation.
- The estate agency market had been hit by the recession whilst lifestyle costs remained high.