Estate agency rescued in pre-pack sale agreement

An estate agency has been rescued from administration – but jobs have been lost.

Jan Forster Estates’ assets have been bought by its founder’s daughter Angela Dennison.

Under the terms of the deal, the new venture will trade as Dennison Property Services from a Gosforth office and focus on property management services.

However, administrator Begbies Traynor says the agreement will mean “some redundancies”.

Jan Forster Estates was founded two decades ago, and operated from sites in Gosforth, High Heaton and Tynemouth. 

However, administrators say it had faced “increasing financial challenges in recent months” as property market conditions were compounded by rising operational costs.

Angela said: “This business has been part of my family’s life for two decades, and I am committed to honouring that legacy while shaping a stronger, more focused future.

“Although this is difficult for the colleagues we are losing, the restructuring allows us to stabilise the business, protect the majority of roles and continue to provide a high level of service to residential landlords and their tenants across the North East.”

Andrew Little, Begbies Traynor partner, added: “This pre-pack sale provides continuity for clients and safeguards the majority of the roles.

“While it is always disappointing to see redundancies, the deal preserves the core operations and gives the business the foundation it needs to move forward sustainably.” 

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