Venmore sells but talks continue

LIVERPOOL property group The Venmore Partnership has sold part of its property business to a rival estate agency for an undisclosed sum but further negotiations continue.

The company has sold its property management and auction businesses to Wirral-based Bradshaw, Farnham & Lea. The purchase is understood to account for around 70% of Venmore’s businesses.

The Venmore name will remain, as will Venmore directors Simon Wall, Phil Cassidy, Phil Furlong and Dave Blackman.

The two companies are still in negotiations for the rest of the group – Venmore’s Ball & Percival estate agency chain and its Allerton Road office.

The deal is being funded from shareholders’ funds. Mike Jones, Kathy Holuba and Caroline Prosser, on the corporate team at Hill Dickinson’s Liverpool office acted on behalf of Bradshaw, Farnham & Lea.

Ms Prosser said: “The deal is indicative that despite there being obvious difficulties in the commercial and domestic property markets there remains optimism that those markets will return to normal in the medium term. 

“The acquisition strengthens the already well established Bradshaw Farnham & Lea brand on the Wirral and gives an excellent platform for growth in Liverpool.”

The 150-year-old Venmore Partnership had been in rescue talks since the end of October after sales in the business’ residential properties division have suffered.

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