BusinessBusiness RecoverySmith & Williamson appointed as Humberts administrators

Smith & Williamson appointed as Humberts administrators

Mid-tier stalwarts chosen to handle the restructuring process for troubled estate agent, which has kicked off with a number of pre-arranged sales

Directors from Smith & Williamson have been called in as administrators
at Humberts today after the estate agent collapsed.

Several different parties had been in discussions before Humberts went into
administration and Smith & Williamson has now wrapped up a number of deals
to ensure that the majority of the troubled estate agent’s offices remain open.
However, a number of offices in North Somerset could not avoid the axe.

James Money, a director at Smith & Williamson and joint administrator for
Humberts said:

‘Humberts is a respected and long standing firm which has not escaped the
effects of the economic downturn. Indeed, its problems stem from its rapid
growth combined with the direct impact of the credit crunch, which has had a
particularly strong impact on the real estate sector.’

Humberts has more than 60 offices, primarily in the south and west of
England, offering property advice on residential, rural and commercial property
both for sale and to let.

‘We are very keen that any sales represent long-term and positive solutions
for the business and so minimise the impact on individual employees,’ said
Money.

The firm added that it hoped to conclude further sales shortly.

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