BBC Rogue Traders sting on letting agency that has voluntarily liquidated

Letting Agent Today last week reported on Lancaster Property Network Management when it went into voluntary liquidation - now the agency has been the subject of a Rogue Traders sting for the BBC Watchdog programme. 

John Sanderson, former boss of LPNM, was contacted by the Rogue Traders team two weeks ago. A spokesman for the BBC told the Lancaster Guardian: “Rogue Traders have been investigating a local lettings agent John Sanderson, who runs LPNM. The team investigate why he has left landlords and tenants in the lurch owing them many thousands of pounds.”

We reported last week that Lancashire Police said it had received three reports from Action Fraud relating to the company, and is currently assessing the evidence.

A spokesman for Sanderson has told the local press: “LPNM was designed to act in the interests of landlords, to maximise their rental income and minimise administrative workload, providing a seamless service for landlords and students alike.

“Unfortunately, the student housing market experienced unprecedented changes, which impacted LPNM’s business model as well as all other student accommodation providers. Despite significant financial investment into LPNM, the business was no longer able to honour the levels of guaranteed income agreed with the landlords.

“Every effort was made to remedy the situation however the business went into liquidation proceedings on September 10.”

The company is now in the hands of Preston-based liqidators Jackson Wright and Co Financial Recovery.