Heywoods Estate Agents & Surveyors Limited (03830674): administration
- Status
- In administration
- Administration began
- 2008-11-05
- Administrators
- Robert Michael Young, Paul Finnity
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1999-08-24
- Location
- Stoke on Trent
- Industry
- 7031
From the administrators' statement
Heywoods Estate Agents & Surveyors Limited was incorporated in 1999 and traded from its core base in Newcastle under Lyme, over a period of time having branches in Hanley, Stone, Longton, Congleton, Eccleshall, Leek and Macclesfield. It also had a central administration function at Heywoods House, Riverside 2, Campbell Road, Stoke on Trent.
In September 2007, the financial markets changed, trading became difficult and it became apparent in June/July 2008 that the residential sales side of the business was losing money, leading to a rapid decline in projected income.
Mortgage lenders substantially reduced lending; with the industry being in dire straits. The market place became unrecognisable from a few months earlier. All parts of the business from Surveying to Mortgage brokering were affected. Steps were taken to limit the pressure on cash flow, a branch closure plan was put together, and a number of redundancies were made, advertising expenditure halved, and a number of key staff were not replaced. Staff consolidated back to Newcastle. All the time the property market continued to deteriorate.
Administrators' statement of proposals (2008-12-28) · Companies House register