Humberts sold to franchise owners
Historic estate agency group Humberts has been purchased by a consortium of franchise owners after falling into administration in December 2019.
The firm has been purchased by Humberts Group Limited from insolvency practice Begbies Traynor.
A scattergun approach to growing the company was blamed for its troubles.
Humberts franchised at least one office, opened a prime central London branch – at odds with its reputation as a rural agency – and launched a new homes division.
Tim Stephens MRICS, who operates the Norwich Humberts office, 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.”
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.”
The new owners will issue a statement setting out their vision for the future.