Historic Cheshire estate agent is saved from closure

Estate agents

A Cheshire estate agent which is 180 years old looks to have been saved after it was bought out of administration.

Petty Estate Agents has acquired the Wright Marshall brand just a few days after it went into administration.

It is still unclear how many of the 130 people who worked for the firm will keep their jobs.

Anthony Collier and Ben Woolrych, partners at FRP Advisory LLP, were appointed joint administrators of the business.

Following a period of tough trading and a downturn in livestock volumes being sold through rural auctions, the company suffered cash flow pressures which left the directors with no option but to place the business into administration.

The agricultural auction side of the business closed with immediate affect with the loss of around 40 jobs.

The Wright Marshall Group, which included a rural auction mart and fine art auctioneers, went into administration on 24th June.

Wright Marshall operated its rural auction mart at Beeston Castle in Cheshire and fine art auction houses in Knutsford and Beeston.

The transaction does not include the rural auction or art auctioneer arms of the business.

Wright Marshall is more than 180 years old and provides an end-to-end commercial and residential lettings and sales service across seven sites in Cheshire, Derbyshire and Shropshire.

The business includes planning and development, valuation, sales and lettings.

Petty Estate Agents is one of Lancashire’s longest running independent estate agents, offering full sales, lettings and rental services since 1928.

Chaired by Charlotte Hagan, the business has expanded from its head office in Burnley to build a 45-strong team across seven locations.

The deal will be used to invest in the latest technology as Petty seeks to create a network of tech-enabled estate agencies across the North of England.

As part of the transaction, Peter Barnes joins Wright Marshall as managing director in Cheshire and Derbyshire.

Peter Barnes

Peter has held positions in the property, sales and automotive sectors, and will be tasked with implementing the development in technology and improving operational efficiencies within the business.

Charlotte Hagan, chair at Petty Estate Agents, said:“Our acquisition sees the merger of two strong heritage businesses, each with outstanding management teams and local and technical knowledge. The expansion into the Cheshire, Derbyshire and Shropshire areas is hugely significant and provides us with an excellent platform.

“Capitalising on the latest technology will enable the incredible customer care shown by both businesses, presenting a huge market opportunity to create a regionally connected network of tech-enabled, community-minded, estate agencies. We’re confident that the enlarged group will thrive with the direction of Peter Barnes and the wealth of expertise within the team at Wright Marshall.”

Peter Barnes, managing director at Wright Marshall, said:“I am hugely excited at the prospect of getting involved in revolutionising a Cheshire institution. Wright Marshall has an established and trustworthy brand, with a great team delivering a fantastic service.

“My priority for the coming months is to embrace the technological developments that Petty have planned, but without losing the personal touch that Wright Marshall has become synonymous with.”

Anthony Collier, joint administrator and partner at FRP Advisory, said:“We are delighted to have been able to secure a sale of the real estate division of Wright Marshall. We wish the team at Petty Estate Agents all success as they take the business forward.

“We continue to seek a purchaser for the remaining aspects of the business and will provide further updates to creditors in due course.”

Susan Kelly and James Fitzgibbon, partners at Squire Patton Boggs, provided legal advice to Petty Estate Agents on the transaction. Tim Taylor and Barry Davies of Addleshaw Goddard provided legal advice to FRP Advisory.

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