E&Y administrators organise pre-pack at DTZ
E&Y administrators Alan Hudson and Benajamin Cairs sell global real estate business to United Group Europe for £77.5m
ERNST & YOUNG administrators have arranged a pre-packaged administration of global real estate business DTZ.
Alan Hudson and Benajamin Cairs, partners at Ernst & Young, were appointed joint administrators and sold the business to United Group Europe for £77.5m.
DTZ has offices in 145 cities and 43 countries employing about 4,700 staff.
All the staff and business were sold to United Group Europe and the company will continue to trade without interruption.
However, all shares of DTZ have been suspended on the London Stock Exchange.
Hudson said: “DTZ has experienced tough trading conditions as a result of the downturn in the global property market and this has unfortunately resulted in the parent company being unable to continue outside of administration.
“However a deal has been completed that sees all the underlying subsidiaries being sold and the business continuing to trade without interruption, helping to safeguard this internationally renowned real estate services firm.”
Earlier this year DTZ appointed Andy Knight as head of finance.