Two companies operating as Mackay Property in Hertfordshire have entered creditors’ voluntary liquidation owing nearly £470,000, while the founder has launched a new estate agency operation from the same premises.
Mackay Property Agents Limited and Mackay Property Lettings Limited, both based in Sawbridgeworth, ceased trading on 8 September 2026. The former company website now redirects to Muvin, which lists the same Bell Street address and telephone number, with Adam Mackay and Jamie Fisher identified as co-founders.
Creditor liabilities
According to Companies House filings, the two entities owe creditors a combined £468,920. HM Revenue and Customs accounts for approximately £258,000 of the total, with Funding Circle claiming £135,000 and NatWest owed more than £51,000. Employee claims total nearly £11,000.
Both companies were incorporated in 2010. Mackay Property Agents Limited reported an estimated deficiency of £436,539, while Mackay Property Lettings Limited recorded a shortfall of £32,580. The statements indicate neither company expects to have assets available for preferential creditors.
The agency company lists debtors of £186,207 and a director’s loan account of £180,852. The lettings business records debtors of £11,186 and a director’s loan account of £209,163, though recovery amounts remain unclear.
Covid borrowing cited
Mackay told Property Industry Eye that the businesses traded successfully until the pandemic forced him to take on debt. “I set up Mackay Property in 2010 and ran it very successfully for many years without borrowings. As COVID took hold throughout 2020 and 2021 trading became much tougher and I borrowed monies to fund the business and to keep people employed,” he said.
He cited rising costs and regulation as contributing factors. “The corporate environment is now more challenging than ever for entrepreneurs with rising taxation, rates, wages and increased red-tape,” Mackay stated, noting that approximately 300,000 UK businesses cease trading annually.
The liquidations come as industry challenges mount across the property sector, with operational costs continuing to pressure traditional agency models.
New trading arrangement
Mackay confirmed he now operates an eight-agent team under eXp World UK Limited, a separate active company. “I now work with eXp and run a sizeable team of eight agents under their banner,” he said, adding that the team has been nominated for four awards at an industry event.
The Muvin website continues to advertise properties across Sawbridgeworth and surrounding areas. While the site identifies eXp World UK Limited as the trading entity, available information does not establish whether eXp has assumed responsibility for any debts from the liquidated companies.
It remains unclear whether assets, client contracts or operations transferred from the former companies to the new arrangement. Alexander Kinninmonth and James Prior of FRP Advisory Trading Limited are overseeing both liquidations.
The case reflects broader pressures facing independent estate agencies, as operational demands and regulatory requirements continue to reshape the sector. The liquidators will assess the companies’ financial positions and determine potential creditor recoveries.
