Directors from Begbies Traynor have accomplished a pre-pack sale of property belonging to North East property company Jan Forster Estates, safeguarding most jobs and permitting the long-established household enterprise to proceed buying and selling beneath new possession.
Andrew Little and Gillian Sayburn of Begbies Traynor have been appointed joint directors earlier right this moment and instantly accomplished a pre-packaged sale of a part of the enterprise to Angela Dennison, daughter of the corporate’s founder, Jan Forster. The 20-year-old enterprise operates throughout 4 branches in Gosforth, Excessive Heaton and Tynemouth.
The corporate had confronted mounting monetary pressures in current months, pushed by difficult property market situations and rising operational prices.
As a part of the restructuring, the department community will consolidate right into a single workplace in Gosforth, with the brand new enterprise specializing in property administration companies. Whereas nearly all of jobs have been preserved, some redundancies are unavoidable, with help being provided to all affected workers.
Angela Dennison has acquired the enterprise identify and can proceed the household legacy beneath the brand new buying and selling identify, Dennison Property Companies.
Dennison stated: “This enterprise has been a part of my household’s life for 20 years, and I’m dedicated to honouring that legacy whereas shaping a stronger, extra targeted future. Though right this moment is tough for the colleagues we’re dropping, the restructuring permits us to stabilise the enterprise, shield nearly all of roles, and proceed to offer a excessive degree of service to residential landlords and their tenants throughout the North East.”
Andrew Little, accomplice at Begbies Traynor, commented: “This pre-pack sale of Jan Forster Estates offers continuity for purchasers and safeguards nearly all of the roles, guaranteeing that the long-standing legacy of this household enterprise can proceed beneath new possession. Whereas it’s all the time disappointing to see redundancies, the deal preserves the core operations and provides the enterprise the inspiration it wants to maneuver ahead sustainably.”
