The industry magazine Estates Gazette is reporting that Cluttons, the residential and commercial agency, has been bought out of pre-pack administration by a so-called ‘turnaround’ business.
Pre-pack administration is when a business's assets are negotiated over and acquired before the appointment of administrators.
Cluttons - which says on its website that is has “estate agency branches located in London's most desirable neighbourhoods and throughout the Middle East, as well as associate offices across Asia Pacific, Africa and Europe” - will now focus its activities specifically on London and the Middle East according to a report by David Hatcher, head of news at Estates Gazette.
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With £19m (nearly) of losses filed Oct 2016 on top of £4.5m the previous year this was on the cards. Ouch.
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