# Heywoods Estate Agents & Surveyors Limited (03830674)

> Why UK company 03830674 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/03830674

- **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.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/03830674/filing-history/MjAyMTUyNjQ4N2FkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/03830674

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.