Thu, 20 Jan 2011 | ADMINISTRATION
One of the top UK conveyancing firms has gone into administration.
Fridays Property Lawyers, considered to be the fastest growing company in the UK conveyancing sector, was reported to be facing financial problems at the end of last year. These reports were borne out by the recent news that the company has gone into administration, with considerable job losses.
The firm’s headquarters are in King's Cross in London and it was offering its services in 12 other towns in the UK. Bankruptcy notices were sent to employees over the Christmas break.
The administrators, Julian N. R. Pitts and David F. Wilson of Begbies Traynor, stated that "The company have closed down their operation following a period of rapid contraction resulting from the abolition of Home Information Packs.”
They went on to explain: “Attempts to replace new business volumes proved unsuccessful in the current economic climate."
A partner in Goldsmith Williams Solicitors, Eddie Goldsmith, commented that high-profile casualties in the sector such as Fridays, Fox Hayes and Hammonds Direct and are “incredibly damaging” to the reputation of the conveyancing market.
He said: “Fridays was long regarded as a substantial nationwide firm but, while the failure of such brands would once have been unthinkable, this trend is now becoming a regular event for the industry.”
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