One of country’s oldest estate agents bought out of administration

One of the country’s oldest estate agents has been bought out of administration by a group of franchise owners.

Humberts, a firm of national residential and commercial property agents that has been established since 1845, has now been purchased by Humberts Group Limited from Begbies Traynor after it fell into administration in December 2019.

The sale attracted interest from both national and international parties, and proceeded to a best and final bid, upon which a sale at an undisclosed sum was agreed.

Humberts Group is a consortium of franchise owners that have been running their own offices and trading as Humberts.

The sale includes the company, its goodwill, trading name, lettings book, and intellectual property of the brand.

Former Humberts managing director Ian Westerling said: “I think it is the best outcome and genuinely should give the brand the best opportunity to prosper in a market that is going to be pretty exciting over the next couple of years.

“As a franchise proposition, it stands up well against other options but it is a crowded space so they will need to have a robust strategy and understanding of how a modern estate agency business can grow market share whilst controlling their cost base.”

Since going into administration, the Manchesdter office of Begbies Traynor engaged key Humberts personnel to assist with the business and delivery of work in progress until a new purchaser was found.

The new purchasers will be issuing a statement in due course, setting out their vision of the future and strategy going forwards, and in the meantime are implementing a seamless transition.

Paul Stanley, of Begbies Traynor, said: “We are pleased that we have been able to confirm this deal.

“It means that experienced property professionals who are already involved in the industry and the brand are in control and now in a position to implement a positive business plan going forwards.

“This deal delivers the best possible outcome and guarantees the survival of the Humberts brand after 175 years of trading.”

Tim Stephens MRICS, who operates the Norwich Humberts office, where the business is based, said: “We are delighted to conclude this deal and to take this long-established and trusted brand into a very exciting future, particularly after the hedging of the Brexit negotiations and uncertainties for the economy prior to the election.

“We are very positive about the next 12 months and look forward to building the teams and growing the business to its former levels and beyond.

“We would like to thank all Humberts’ clients for their continued support and loyalty and we look forward to working with them and new clients in the future. We also would like to thank the administrators, Begbies Traynor, for their smooth handling of the transition.”