Sold! Lettings book acquired as 40-year-old agency shuts its branches

It’s been reported that the lettings book owned by a long-standing agency has been sold to a rival firm.

A message on the website of Clarke Mews, which has been trading for more than 40 years, says all of its business has been transferred to Hampshire and Surrey agency Charters. 

The sold lettings books comes from Clarke Mews Lettings Ltd, which remains solvent, but the agency’s three branches have been shut down and the sales to Charters includes the property sales book previously owned by the parent company, CMS Southampton Ltd, which has been placed into liquidation.

A report on the Business Insider website says insolvency consultancy Portland Leonard Curtis described the closure of the firm as being down to “a multitude of market related issues” and cites long standing staff recruitment and retention issues, as well as stock shortages and business uncertainty triggered by Brexit and Covid-19. 

“As a result of the actions taken by Portland Leonard Curtis, the customers interests have been protected and completion of all pending transactions will be managed by Charters” reports Business Insider.

Andrew Rumsey, client director at Portland Leonard Curtis, is quoted as saying: "Clarke Mews had a long-standing reputation in the local area and, whilst circumstances in recent years have meant that the business has struggled, the interest in acquiring the pipeline was still strong, resulting in the successful sale to Charters Estate Agents."