Property Industry Eye understands that the well-known firm of Douglas & Gordon Ltd has today gone into Administration. If confirmed this will be a very high-profile property industry failure.
Sources tell us that staff were told of the development by MD James Evans at meetings in which it was revealed that Grant Thornton has been appointed as Administrators.
It is less than a year since Foxtons sold off the business to Evans for a ‘nominal consideration’ having previously purchased D&G for £15.5m. At the time Foxtons’ chief executive officer Nic Budden said:
“D&G has performed extremely well over the last ten months under Foxtons ownership and this next step is a real win-win for both parties to the transaction.”
There is now speculation as to what the Administrators will do with the business, which has around 10 branches in London. Options may include a sell-off or a liquidation. This evening the D&G website is still live.
EYE will bring you more news on this story as it develops.
Foxtons shareholders set to approve Douglas & Gordon sales division sell-off
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