Penyards is Hampshire’s longest established estate agents with eight offices across the region. The firm has been trading for more than 35 years and is particularly active in the niche market of selling and renting country and period homes.
Penyards had experienced numerous problems over the course of several years which had combined to leave the company in a dire financial situation.
1) The recession of 2008 had a profound effect on trading.
2) Competitors became increasingly aggressive with lower fees and online marketing to a level that undermined the industry.
3) Franchising strategy ultimately failed.
4) The company had to face lengthy and expensive litigation proceedings.
Penyards Estate Agents as a business was struggling but with its strong, reputable name and a core of experienced staff, it was believed that with a new lease of life the business could once again be profitable and so a sale was sought through administration.
Gavin Savage of Real Business Rescue (part of the Begbies Traynor Group) organised the sale. The business and certain assets were sold out of administration to Number 17 Marketing Limited, securing the jobs of 32 staff across the three areas of the Penyards business.
Mr Savage said: “The company had been facing tough trading conditions in a sector we all recognise has continued to struggle, so it was therefore imperative that we acted quickly in order to ensure that people’s jobs were preserved.
Alan Davis, managing director of Penyards Property Management, said: "We are very sorry to hear the news about Penyards Country Properties but are pleased that the sale means jobs have been secured.”
“ It became apparent to us that the Penyards name trades on its reputation as a long-established business in the area and that a speedy sale out of administration was the best course of action. ”