Property Industry Eye understands that the well-known Douglas & Gordon Ltd company has entered management today. If confirmed, this would be a very high-profile failure of the real estate industry.
Sources revealed that staff were informed of the development by MD James Evans at a meeting, at which Grant Thornton was appointed administrator.
Less than a year has passed since Foxtons, which previously bought D&G for £15.5m, sold the business to Evans for a ‘nominal consideration’. Foxtons CEO Nick Budden said at the time:
“D&G has performed exceptionally well over the past 10 months under Foxtons ownership and this next step is a true win-win for both parties to the transaction.”
There is currently speculation as to what the managers will do with the business, which has about ten branches in London. Options may include a sale or liquidation. D&G’s website is still up and running tonight.
EYE will bring you more news as this story unfolds.
Foxtons Shareholders Approve Sale of Douglas & Gordon Sales Division
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